Analysis of wave counting:
The soft stance of the leadership made at the yesterday's meeting of the Bank of England, and the retention of the key bank rate at the same level, provoked a surge in trading volatility, which allowed the GBP/USD pair to update its Tuesday low, reaching a mark of 1.3460. Thus, it seems that the currency pair still remained within the limits of wave a, in c, in b, in B, in C, in C, in (A) and significantly complicated the wave structure of its internal wave c. If this is the case, then practically from the lows of the past day, or after the decrease to the level of the 34th figure, the currency pair will still show a u-turn and go to the stage of formation of the first generating waves in the future wave b, in c, in b, in B , in C, in C, in (A).
Targets for buying:
1.3647 - 76.4% by Fibonacci
Targets for selling:
1.3414 - 127.2% by Fibonacci
1.3400
General conclusions and trading recommendations:
The trading instrument went on to complicate the internal wave structure of wave a, in c, in b, in B, in C, in C, in (A). Thus, now it is recommended to sell the trading instrument with a target of about 1.3414, which corresponds to 127.2% of Fibonacci, and below about 34 figures. An unsuccessful attempt to break through the 1.3414 mark will lead to a conclusion that the trading instrument is ready to build a wave b with targets above 1.3647, which corresponds to 76.4% of Fibonacci.
