Analysis of wave counting:
During the trades on July 20, the GBP / USD currency pair added about 125 percentage points and an attempt to break the mark of 1.2962 failed, but touching this mark was enough to consider the wave 5, 3, a, completed. If this assumption is correct, now we are expecting the construction of an upward set of waves, but there is also a good chance that the proposed wave 3 will take a more complex and extended form. Thus, in the coming days, one should follow the pair about its behavior in order to determine the further trend. A successful attempt to break the low of July 19 will indicate the readiness of the pair to a new decline.
The objectives for the option with purchases:
1.3445 - 0.0% of Fibonacci (formal goal)
The objectives for the option with sales:
1.2962 - 200.0% of Fibonacci
1.2809 - 261.8% of Fibonacci
General conclusions and trading recommendations:
The GBP / USD currency pair supposedly completed the construction of wave 5, 3, a. For several days (1-2) I recommend observing the pair without opening deals, because now it is necessary to clarify the situation and decide on a new working variant. The probabilities of a downward wave 3, a, and the construction of an upward set of waves with a refinement of wave counting, are now approximately equal.
