Analysis of wave counting:
Having started yesterday's trading with the downward movement, the GBP/USD pair reached the bottom line of the rising channel and, retreating from the 1.3220 mark, was able to add almost 170 percentage points in price, having reached the mark of 1.3385. Thus, it can be assumed that as a result of the price breaks the high of last Friday, the currency pair made the internal wave structure of the wave c may be even more complicated in the e, in b, in the 4th. If this is the case, then in the process of completing the entire wave e, in b, in the 4th, the currency pair may continue to increase the quotes to 1.3440, or even to 1.3480.
Targets for a downward wave option:
1.3065 - 38.2% by Fibonacci
1.2882 - 50.0% by Fibonacci
Targets for an upward wave option:
1.3382 - 161.8% by Fibonacci
1.3440 - 1.3480
General conclusions and trading recommendations:
The construction of the downward wave 4 in the upward trend section continues. Now it is possible to resume the decline in the price of the trading instrument 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, at 4 so far continues its construction, having complicated its internal structure yet more, with targets located near the mark of 1.3382, which is equivalent to 161.8% Fibonacci and above, between 1.3440 and 1.3480.
