Analysis of wave counting:
Despite considerable efforts, during yesterday's trading, the GBP/USD pair still managed the development of the downward movement and at the end of the day stopped a few points from the level of the 33rd figure. At the same time, it can be assumed that the currency pair remained in the stage of formation of the 5th wave approaching its completion, in a, in b,in c, in the 4th. If this is the case, then from the minimum of the past day, or after the decline to 1.3250, the currency pair can practically perform a reversal and designate the beginning of the future wave b, in c, in the 4th.
Targets for a downward wave option:
1.3291 - 23.6% by Fibonacci
1.3200
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 continue the decline in the price of the trading instrument with targets near the estimated level of 1.3291, which corresponds to 23.6% Fibonacci, and below, about 32 figures, within wave a, in c, in 4. After it is completed, in the area of 1.3480. An unsuccessful attempt to break the 1.3291 mark may lead to the completion of the downward wave a.
