Analysis of wave counting:
During the yesterday's trading, the GBP / USD pair continued the downward movement, which had already started to decline, having lost about 200 percentage points from the maximum of the European session reached the level of 1.3945 at the end of the day. The resulting wave situation allows us to assume that the currency pair can make another attempt after the formation of the wave 3, 5, a, B, C, C, (A), in which its internal wave 5 took a somewhat shortened look. If this is so, then the entire decline in quotations from the maximum of February 1 (1.4275) can be considered as the beginning of the future wave 4, 5, a, B, C, C, (A).
The objectives for building a downward wave:
1.3946 - 38.2% of Fibonacci
1.3823 - 50.0% of Fibonacci
The objectives for building an upward wave:
1.4294 - 685.4% of Fibonacci
1.4400
General conclusions and trading recommendations:
The construction of the upward trend section continues, but the entire wave counting of the instrument is not entirely unambiguous now. The wave 3, 5, a, B, C, C, (A) is supposedly completed. The assumed wave 4 can continue its construction with targets located near the calculated marks of 1.3946 and 1.3823, which corresponds to 38.2% and 50.0% of Fibonacci.
