Analysis of wave counting:
After the rebound on Thursday from the mark of 1.3710, during the last day of the previous week, the GBP / USD currency pair held within a fairly narrow range, with a maximum amplitude of price changes of about 50 percentage points. The resulting wave situation suggests that the currency pair continued to make attempts to complete the formation of the wave c, 4, 5, a, B, C, C, (A), which by the end trades retained the elements of some incompleteness. If this is the case, then before confirming the beginning of the future wave d, 4, 5, a, B, C, C, (A), the currency pair will resume the decline of quotes and still test the level of the 37th figure.
The objectives for building a downward wave:
1.3700 - 61.8% of Fibonacci
The objectives for building an upward wave:
1.4098 - 23.6% of Fibonacci
1.4294 - 685.4% of 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, 5, a, B, C, C, (A), which takes a rather complicated form. Within the framework of its internal wave d, the quotations from the reached minimum may begin to recede to the area of 41 figures.
