Analysis of wave counting:
Having started the trading last week with an upward movement, the currency pair GBP / USD was able to add more than 200 percentage points in price and stopped before the level of the 43rd figure on Friday. It looks like that, despite such a significant growth in quotations, the currency pair remained in the stage of forming the wave b, b, B, C, C, (A) and almost completed its internal wave c. At the same time, the currency pair still retains the potential that allows it to continue the growth of quotations to the level of 1.4400 and thereby give the wave 5, a, B, C, C, (A) a much more complex shape.
The objectives for working off a variant with a downward wave:
1.3704 - 61.8% of Fibonacci
1.3552 - 76.4% of Fibonacci
The objectives for working out the variant with an upward wave:
1.4400 - 1.4600
General conclusions and trading recommendations:
The pound sterling continues the construction of the assumed wave B, C, C, (A). This week, the lowering of quotations may resume within the wave b, B, C, C, (A) with targets near the marks of 1.3704 and 1.3552, which corresponds to 61.8% and 76.4% of Fibonacci. An upward corridor preserves the prospects of constructing an ascending set of waves, and wave a, B, C, C, (A) can resume its construction and greatly complicate its internal structure with targets above 44 figures.
