Analysis of wave counting:
In general, as expected, yesterday's GBP/USD trades started with an upward movement and, having added more than 110 percentage point in price, broke the level of the 34th figure in the afternoon. Thus, it seems that the currency pair was in the formation stage of the wave c, in the wave form b, which took on a somewhat more complex form, 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 may continue to rise in quotations up to the mark of 1.3450-1.3470.
Targets for an upward wave option:
1.3291 - 23.6% by Fibonacci
1.3200
Targets for a downward 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. Now it is possible to raise the price of the trading instrument with targets near the target mark of 1.3480, which corresponds to 11.4% of Fibonacci, within the internal wave b, in c, in 4. After it is completed, it is possible to resume the decline with targets below marks 1.3291, which is equivalent to 23.6% of Fibonacci.
