Analysis of wave counting:
In conditions of the remaining low activity of yesterday's trading, the currency pair GBP / USD still managed to add more than 60 percentage points in price and worked out the mark of 1.4075 already in the middle of the day. It can be assumed that with such an upward movement, the currency pair made another attempt to complete the formation of the wave 4 and to designate the beginning of the wave 5, 1, 5, 5, a, B, C, C, (A). At the same time, the currency pair retains the potential to resume the decline in quotes and thus return to the scenario of the formation of the correctional wave b, B, C, C, (A) in a much more complicated form.
The objectives for building a downward wave:
1.3946 - 38.2% of Fibonacci
1.3823 - 50.0% of Fibonacci
The objectives for building an upward wave:
1.4226 - 11.4% of Fibonacci
1.4400
General conclusions and trading recommendations:
The construction of the upward trend section continues. Now, the resumption of the increase in quotations is expected with targets above the target level of 1.4226, which corresponds to 11.4% of Fibonacci, within the wave 5, 1, 5, 5, a, B, C, C, (A) and above, about 44 figures. As part of the construction of the corrective wave 4, the quotations continue to decline in the area of about 41 and 40 figures. If the wave continues to become more complicated, it may require adjustments to the entire wave counting.
