Analysis of wave counting:
In general, as expected, testing the level of the 33rd figure during yesterday's trading resulted in a rebound of the price of GBP/USD pair by more than 70 pp. from the high reached at the beginning of the European session (1.3320). It can be assumed that as a result of this decline, the currency pair can complete wave b, in the 4th and go to the stage of formation of the first generating waves in the future wave c, in the 4th. If this is the case, wave b, in the 4th, it will not take the form of an even more extended horizontal correction, then the already indicated decline in quotations will be further developed towards the direction of the level of 1.2900.
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. Now it is possible to lower prices with targets near the estimated marks of 1.3065 and 1.2882, which corresponds to 38.2% and 50.0% of Fibonacci, within the wave c, in 4. Wave b, in 4 supposedly completed its construction.
