Analysis of wave counting:
In the course of trading on September 3, the GBP / USD currency pair decreased by another 40 percentage points, which increases the chances for the execution of the variant with the construction of wave 5, and in the downward part of the trend. If this is the case, then the decline in quotations will continue with the first targets, which are near the minimum of August 15. Based on the current wave counting, this mark is unlikely to withstand the onslaught. Accordingly, the potential for the decline in the pair is very high, at least in the region of 24 and 25 figures.
The objectives for the option with purchases:
1.3068 - 50.0% of Fibonacci retracement
1.3164 - 61.8% of Fibonacci retracement
The objectives for the option with sales:
1.2636 - 261.8% of Fibonacci (the oldest Fibonacci grid)
1.2312 - 423.6% of Fibonacci retracement
General conclusions and trading recommendations:
The currency pair GBP / USD has supposedly completed the construction of wave 4. Thus, I recommend selling the pair with the first targets near the estimated level of 1.2636, which is equivalent to 261.8% of Fibonacci. A successful attempt to break through this mark will indicate the pair's readiness for further decline within wave 5 with targets located around 24 and 25 figures (these goals will be further clarified).
