Analysis of wave counting:
Despite the significant amplitude of the price change, the GBP / USD pair held in the range yesterday, trading near the level of the 36th figure. At the same time, under the conditions of low market activity, the currency pair managed to work out the mark of 1.3538, corresponding to the equality between the dimensions of waves a, c, a, c, b, B, C, C, (A). Thus, the currency pair has good prospects for completing the entire wave a and transition to the stage of future wave b, c, b, B, C, C, (A). At the same time, the currency pair still retains the potential to resume the decline of quotations to 1.3400 level and further complicate the internal wave structure of the wave c, a, c, b, B, C, C, (A).
The objectives for building a downward wave:
1.3538 - 100.0% of Fibonacci
1.3400
The objectives for building an upward wave:
1.3900 - 1.4000
General conclusions and trading recommendations:
The wave counting assumes the construction of a descending set of waves. The decrease in quotations may continue within the limits of wave c, a, b, c, b, b, c, c, (A) with targets near the calculated mark of 1.3538, which equals to 100.0% of Fibonacci, and below, about 34 figures. Within the framework of the construction of wave b, c, b, B, C, C, (A), the quotations may start to depart from the reached lows with targets located about 39 and 40 figures. An unsuccessful attempt to break the 1.3538 mark may lead to the completion of the downward wave.
