Analysis of wave counting:
Yesterday's GBP/USD trades started with a dynamically developing downward movement and, having lost about 130 percentage points, reached the level of 1.3060 at the beginning of the European session. The resulting wave situation makes it possible to assume that the currency pair has attempted to complete the 2nd wave and go to the stage of formation of the 3rd wave, in the c, in the 4th. If this is the case, then despite the remaining potential for further complicating the internal wave structure of wave b, in the 4th, the currency pair can continue the beginning of the decline of quotes in the direction of targets located below the level of the 30th figure.
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 within 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. Wave 2, in c, in 4 also supposedly completed its construction.
