Analysis of wave counting:
During the yesterday's trading, the GBP / USD pair continued the development of the downward movement, which began on Friday, having lost about 150 percentage points and reached the level of 1.3835 in the second half of the day. Thus, the emerging wave situation suggests that the currency pair remained in the stage of formation of the wave 4, 5, a, B, C, C, (A), while almost completing its internal wave a. If this is the case, then the level of the 37th figure can probably be considered as a possible target for this wave 4, 5, a, B, C, C, (A).
The objectives for building a downward wave:
1.3823 - 50.0% of Fibonacci
1.3700 - 61.8% 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 1.3823 and 1.3700, which corresponds to 50.0% and 61.8% of Fibonacci.
