Analysis of wave counting:
Rebounding from the 1.3085 mark, in the middle of yesterday's trading, the GBP/USD pair continued to develop the upward movement and, before the close of the American session, was able to add about 80 pp in price. At the same time, it is possible to assume that the currency pair is still in the stage of formation, which significantly complicated its wave structure of the second wave, in the c, in the 4th. If this is the case, wave b, in the 4th, still does not take the form of a more extended horizontal correction, testing the level of the 32nd figure can lead to a price turn in favor of the dollar, which in turn will mark the beginning of the third wave, in 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. Now it is possible to lower quotes with targets near the estimated level of 1.2882, which corresponds to 50.0% of Fibonacci, within wave 3, in c, in 4. Wave b, in 4 supposedly completed its construction near the level of 1.3291, which corresponds to 23.6% of Fibonacci. Within the framework of the correction wave 2, in c, in 4, the pair continues to rise.
