Analysis of wave counting:
The weakening of the dollar yesterday allowed the GBP/USD pair to add in price more than 110 pp. and finish the day above the level of the 34th figure. Thus, it seems that the lows reached on Tuesday is the completion of the entire wave a, in c, in the 4th, and yesterday's upward movement of the formation of the wave b, in c, in the 4th. If this is the case, then before marking the beginning of the future wave c, in c, in the 4th, the currency pair can continue the growth of quotations to around 1.3450 or even almost to the level of 1.3500.
Targets for a downward wave option:
1.3291 - 23.6% by Fibonacci
1,3200
Targets for an upward wave option:
1.3480 - 11.4% by Fibonacci
1,3600
General conclusions and trading recommendations:
The construction of the downward wave 4 in the upward trend section continues. It is now possible to continue increasing the price of the trading instrument with targets near the estimated mark of 1.3480, which corresponds to 11.4% of Fibonacci, within wave b, in c, in 4. After it is completed, it is possible to resume the decline with targets below 1.3291, which is equivalent to 23.6% of Fibonacci.
