Analysis of wave counting:
Yesterday the GBP/USD pair started with an upward movement and, having added almost 100 pp in price, finished the day near the 1.3285 mark. Thus, in connection with the return of prices to the area of the level of the 33rd figure, the emerging wave situation makes it possible to assume that the currency pair has practically completed the process of forming the entire wave b, in the 4th. If this is the case, then from the high of the past day, or slightly higher, the currency pair can execute a turn and designate the beginning of the future wave c, in the 4th.
Targets for a downward wave option:
1.3065 - 38.2% by Fibonacci
1.2882 - 50.0% by Fibonacci
Targets 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. It is now possible to continue increasing prices with targets near the estimated mark of 1.3291, which corresponds to 23.6% Fibonacci, within the e wave, in b, in 4. After the completion of this wave, within the expected wave c, a decline is expected targets below the 1.3065 mark equates to 38.2% Fibonacci retracement. An unsuccessful attempt to break the 1.3291 mark may lead to the completion of the entire wave b.
