Analysis of wave counting:
In the course of trading on July 24, the GBP / USD currency pair gained about 45 percentage points and continues to build an upward wave, which can be an internal correctional wave in the composition of a complicated wave 3, a, and the first wave of a new upward trend section. Anyway, wave 3, at now looks not too convincing, so the complication of its internal wave structure is very likely. A successful attempt to break through the 200.0% Fibonacci level will warn of the pair's readiness for 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 3, a. However, it is still difficult to predict whether a downtrend will be complicated or whether it is completed. An unsuccessful line break attempt connecting the vertices of waves 2, 4, 3, a, can warn about the pair's readiness for a new downgrade and, accordingly, to complicate the downward trend section.
