Analysis of wave counting:
The breakdown of the level of the 31st figure at the beginning of the European session on Friday led to the expected rebound of the GBP/USD pair price by more than 30 percentage points from the already reached lows (1.3070). The resulting wave situation makes it possible to assume that, while remaining in the stage of formation of wave b, in the 4th, the currency pair has already completed its internal wave d. If this is the case, then before specifying the beginning of the future wave c, in the 4th, the currency pair can continue the growth of prices to the level of 1.3260, or even to the level of 1.3300.
Objectives for a downward wave option:
1.3065 - 38.2% by Fibonacci
1.2882 - 50.0% by Fibonacci
Objectives for an upward wave option:
1.3291 - 23.6% by Fibonacci
1.3400
General conclusions and trading recommendations:
The construction of the downward wave 4 in the upward trend section continues. Now it is possible to raise quotes with targets near the estimated level of 1.3291, which corresponds to 23.6% Fibonacci, within the wave e, in b, in 4. After the completion of this wave, within the expected wave c, with targets below the 1.3065 mark equivalent to 38.2% by Fibonacci.
