Analysis of wave counting:
During the yesterday's trading, the currency pair GBP / USD still started the expected downward movement and after losing more than 120 pp at the end of the American session, broke the level of the 38th figure. Thus, it can be assumed that the currency pair has passed to the final stage of the formation of the wave c, c, 4, 5, a, B, C, C, (A). If this is the case, then, before resuming the growth of quotations, the currency pair is likely to at least test the level of 1.3700. At the same time, as noted earlier, it seems that the wave c, 4, 5, a, B, C, C, (A) can significantly complicate its wave structure, which in turn leads to the need to refine its wave counting.
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. Now, we expect a decrease in quotations with targets near the estimated 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.
