Analysis of wave counting:
In general, as expected during the Friday trading, the GBP/USD pair continued its upward movement and in the afternoon broke through the level of the 32nd figure, reaching the level of 1.3230. Thus, it is possible to assume that the currency pair has completed the formation of a fully completed form, the 2nd wave, in c, in the 4th. If this is the case, then from the maximum of the last day of the past week, the currency pair can show a turn and thereby indicate the beginning of the 3rd wave, in the c, in the 4th. At the same time, the probability of forming wave b , in the fourth one still remains, in the form of an even more extended horizontal correction, which in turn can allow the currency pair to continue the growth of quotes up to the level of 1.3300.
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, to 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. The divergence of MACD_aka warns about the inclination of the trading instrument to decline.
