Analysis of wave counting:
During Friday's European session, the GBP/USD pair started with an upward movement, having worked at the mark of 1.3130, although until the end of the day it was not able to gain a foothold above the level of the 31st figure. Thus, it can be assumed that after the update of the lows reached on Thursday, the currency pair completed the 1st wave and moved to the stage of formation of the 2nd wave as part of the future c, in the 4th. If this is the case, then, before resuming the decline in quotes, the currency pair may continue to develop an upward correction in the direction of the mark of 1.3150. At the same time, the probability of even more complicating the internal wave structure of wave b, in the 4th and return of the price to the upper boundary of the horizontal channel, has not lost its significance.
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 reduce quotes with targets near the estimated level of 1.2882, which corresponds to 50.0% of Fibonacci, within the limits of wave c, in 4. Wave b, in 4 supposedly completed its construction.
