Analysis of wave counting:
During the trading on May 24, the GBP / USD currency pair failed to update the minimum of May 23. Thus, the instrument continues to make attempts to form the first wave in the composition of the future wave 2, in the downtrend section of the trend. If this assumption is true, then the increase in quotations will continue to at least 35 and 36 figures. A break of the 1.3300 mark will lead to an even more complication of the internal wave structure of the proposed wave 1, a, and further lowering of quotations in the region of 31 figures.
The objectives for the option with purchases:
1.3528 - 127.2% of the Fibonacci of the highest order
1.3555 - 200.0% of Fibonacci
The objectives for the option with sales:
1.3300 - 161.8% of the Fibonacci of the highest order
1.3300 - 261.8% of Fibonacci
1.3045 - 200.0% of the Fibonacci of the highest order
General conclusions and trading recommendations:
The instrument continues to make an attempt in completing the construction of wave 1, a. Around 1.3300, I recommend fixing the profit, and new sales should be started if a successful breakthrough attempt of 33 figures is made. The targets for the complicated wave 1 are located near the calculated mark of 1.3045, which corresponds to 200.0% of Fibonacci, constructed from the size of the entire wave 5 of the rising trend section, which ended on April 17. I recommend buying the pair very carefully and with Stop Loss under the minimum of wave 1, a as well.
