Analysis of wave counting:
During yesterday's trading, after failing to gain a foothold above the level of the 34th figure, the GBP/USD pair continued to retreat from the local highs reached on Monday and in the second half of the day it settled at the mark of 1.3330. At the same time, it can be assumed that the currency pair remained in the stage of formation of the wave c, in b, in c, in the 4th, which retained the elements of some incompleteness. If this is the case, then before marking the beginning of the future wave c, in c, in the 4th, the currency pair can resume the growth of quotations at least to the levels of 1.3450-1.3470.
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. 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 of 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.
