Analysis of wave counting:
Having remained during the majority of yesterday's trading in the range near the mark of 1.3750, only with the beginning of the US session the GBP/USD pair was able to work out the mark of 1.3710 and after that surged by more than 70 percentage point from the already reached lows. It can be assumed that the currency pair completed the formation of the wave c and attempted to designate the beginning of the wave d, in the 4th, in the 5th, in a, in B, in C, in C, in (A). At the same time, in the wave situation that has developed by the end of the last day, wave c, in the 4th, in the 5th, in a, in B, in C, in C, in (A), can still take on a somewhat more complicated form, and the currency pair still test the level of the 37th figure.
Targets for a downward wave option:
1.3700 - 61.8% by Fibonacci
Targets for an upward wave option:
1.4098 - 23.6% by Fibonacci
1.4294 - 685.4% by Fibonacci
1.4400
General conclusions and trading recommendations:
The construction of the upward trend section continues. It is now expected that the quotations will continue to fall near the target mark of 1.3700, which corresponds to 61.8% of Fibonacci, within wave 4, in 5, in a, in B, in C, in C, in (A), which takes a rather complicated form. Within the framework of its internal wave d, the quotations from the reached lowes may begin to recede to the area of 41 figures. Convergence of the MACD_aka warns of the willingness of the trading instrument to build an upward wave.
