Analysis of wave counting:
As expected, yesterday's GBP/USD pair trades began with the continuation of the downward movement, however, failing to gain a foothold under the level of the 34th figure, finished the day at around 1.3440-1.3450. Thus, it seems that the currency pair was in the stage of formation of the third wave, in the composition of the future c, in the 4th, which did not yet seem to be completed by the close of the American session. At the same time, the emerging divergence of MACD_aka indicates a continuing probability of a renewed growth in quotations and an even greater complication of the internal wave structure of the 5th wave, in c, in b, 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:
1.3538 - 161.8% by Fibonacci
1.3600
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 mark of 1.2882, which corresponds to 50.0% of Fibonacci, within the limits of wave c, in 4. Wave b, in 4 can still resume its construction, complicating its internal structure even more, with targets above the 1.3538 mark, which is equivalent to 161.8% Fibonacci.
