Analysis of wave counting:
In the course of yesterday's trading, the GBP / USD currency pair could not determine the direction of the movement and after the decline to the level of 1.4015, it finished the US session near the opening levels of the day. It can be assumed that the currency pair continued to make attempts to resume the growth of quotations and transition to the stage of formation of the wave 5, 1, 5, 5, a, B, C, C, (A). At the same time, the probability of price reduction, at least to the level of the 39th figure, as well as confirmation of the conversion of the currency pair to the stage of formation of wave b, B, C, C, (A), still remains relevant.
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
1400
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 may continue to fall in the region of about 41 and 40 figures. If the wave continues to become more complicated, it may require adjustments to the entire wave counting.
