Analysis of wave counting:
Despite the significant amplitude of the price change, on the last day of the previous week, the pair GBP / USD could not determine the direction of the movement, trading before the close of the American session around the level of 1.3550. Thus, the emerging wave situation allows us to assume that the currency pair remained in the stage of formation of the 4th wave, in the 3rd, in the 5th, a, B, C, C, (A), which by still does not look complete. At the same time, as mentioned earlier, the resumption of the development of the downward movement to the level of 1.3300 will lead to an even more complication of the 2nd wave, in the 5th, a, B, C, C, (A).
The objectives of building the downward wave:
1.3480 - 11.4% by Fibonacci
1.3291 - 23.6% by Fibonacci
1.3200
The objectives for the construction of an upward wave:
1.3600 - 1.3700
General conclusions and trade recommendations:
The construction of the upward trend section continues, but the entire wave counting of the instrument is now ambiguous. It is now possible to resume the increase in quotations after the completion of the correctional wave 4, within wave 5, at 5, a, B, C, C, (C) with targets located about 36 and 37 figures. There is a high probability of complicating the wave 2, at 5, a, B, C, C, (C).
