Analysis of wave counting:
The rebound above the level of the 33rd figure led in the middle of last week to a turn and a subsequent decline in the price of the GBP/USD pair by 280 percentage points from the achieved local highs (1.3320). The resulting wave situation makes it possible to assume that the currency pair has made another attempt to complete wave b and mark the beginning of wave c, in the 4th. If this is the case, wave b, in the 4th, will not take the form of an even more complex horizontal correction, then the already indicated decline in quotations may be further progress towards the 1.2880 mark.
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
General conclusions and trading recommendations:
The sterling pound continues to build a downward set of waves in the composition of 4. This week, the quotations are expected to decrease within the wave c, to 4 uptrend sections of the trend with targets located near the estimated marks of 1.3065 and 1.2882, which corresponds to 38.2% and 50.0% Fibonacci. The upward movement still retains the prospects for building an uptrend. Wave b, in 4 supposedly completed its construction.
