Analysis of wave counting:
Having failed to develop the earlier rising motion, during the trades of the previous week, the GBP / USD currency pair began to decline and reached the level of 1.3855 on Thursday. The resulting wave situation allows us to assume that the currency pair remained in the forming stage of the oblique triangle receiving the oblique triangle b, B, C, C, (A). At the same time, the currency pair retained the potential to resume the growth of quotations, at least to the level of the 44th figure, and even more complication of the internal wave structure of the wave 5, a, B, C, C, (A).
The objectives for working off a variant with a descending wave:
1.3691 - 50.0% of Fibonacci
1.3537 - 61.8% of Fibonacci
The objectives for working out the variant with an upward wave:
1.4400 - 1.4600
General conclusions and trading recommendations:
The pound sterling continues to build wave B, C, C, (A). This week, the lowering of quotations may continue within the wave b, B, C, C, (A) with targets near the marks of 1.3691 and 1.3537, which corresponds to 50.0% and 61.8% of Fibonacci. An upward corridor preserves the prospects of constructing an ascending set of waves, but the wave a, B, C, C, (A) now looks quite complete.
