Analysis of wave counting:
The last trading session before the long Christmas weekend shows the GBP / USD pair held within a very narrow price range, reducing its limit to less than 40 pp. The wave situation did not undergo significant changes and further suggests that under conditions of very low market activity, the wave b, in b, in c, in the 4th can take the form of a fairly long horizontal correction. If this is the case, the currency pair will continue to move within the entry point, limited by the levels of the 33rd and 34th figures.
Targets for building a downward wave:
1.3291 - 23.6% Fibonacci retracement
1.3200
Targets for building an upward wave:
1.3480 - 11.4% Fibonacci retracement
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 move in the side channel between 33 and 34 figures within the wave b, in b, in c, in 4, which can significantly complicate its internal wave structure.* The presented market analysis is informative and does not constitute a guide to the transaction.
