Analysis of wave counting:
Despite the considerable amplitude of the price change, the GBP/USD pair held in the range for the past week, trading around the level of the 40th figure. It can be assumed that the currency pair was in the stage of formation of the first generating waves in the composition of the future wave c, in b, in B, in C, in C, in (A). At the same time, it should be noted that the currency pair still retains the potential to resume the growth of quotations to 1.4400 level and thereby significantly complicate the internal wave structure of the 5th wave, a, B, C, C , in (A).
Targets for a downward wave option:
1.3691 - 50.0% by Fibonacci
1.3537 - 61.8% by Fibonacci
Targets for an upward wave option:
1.4400 - 1.4600
General conclusions and trading recommendations:
The sterling pound continues the construction of the assumed wave B, in C, in C, in (A). This week, the lowering of quotations may resume within the wave b, in B, in C, in C, in (A) with targets near the marks of 1.3691 and 1.3537, which corresponds to 50.0% and 61.8% by Fibonacci. An upward corridor preserves the prospects of constructing an ascending set of waves, and wave a, in B, in C, in C, in (A) can resume its construction and greatly complicate its internal structure with targets above 44 figures.
