Analysis of wave counting:
In general, it is expected that during the trades of the past week, the GBP / USD currency pair began with a downward movement, having lost about 300 percentage points in price and stopped before the level of the 37th figure on Thursday. It can be assumed that the currency pair remained in the formation stage, taking the form of an oblique triangle, the wave b, B, C, C, (A). At the same time, there is still a probability that allows the currency pair to resume the growth of quotations to the level of the 44th figure and thereby further complicate 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 the 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. The upward corridor preserves the prospects of constructing an ascending set of waves, but the wave a, B, C, C, (A) now looks completely complete. The MACD convergence warns about the readiness of the tool to increase.
