Analysis of wave counting:
The attempt to continue the development of the upward movement yesterday ended with the completion of the 1.4375 mark and the subsequent price rebound on the GBP/USD pair by more than 90 percentage point from the high reached at the beginning of the European session. The resulting wave situation makes it possible to assume that the currency pair can complete the wave c, in b, in b, in B, in C, in C, in (A) and go to the stage of formation of the first generating waves in the future wave c, in b, in B, in C, in C, in (A). At the same time, despite the persuasive divergence of the MACD_aka, the currency pair retains the potential for the resumption of the growth of quotations to the level of the 45th figure and further complication of the internal wave structure of the wave c, in b, in b, in B, in C, in C, in (A).
Targets for a downward wave option:
1.4100 - 1.4200
Targets for an upward wave option:
1.4372 - 76.4% by Fibonacci
1.4498 - 100.0% by Fibonacci
General conclusions and trading recommendations:
Wave counting continues to get complicated and tangled. In the framework of the construction of the wave c, in b, in b, in B, in C, in C, in (A), the increase in quotations may still resume with targets located near the estimated marks of 1.4372 and 1.4498, which is equal to 76, 4% and 100.0% by Fibonacci. The divergence of the MACD_aka warns of the inclination of the trading instrument to build a bearish wave, an unsuccessful attempt to breach the 1.4372 mark also indicates this.
