Wave counting analysis:
On April 29, the GBP/USD pair gained about 15 base points, which is still not enough to make any additions to the wave marking. Thus, as before, it involves the development of building a downward trend with goals located near the levels of 127.2% and 161.8% Fibonacci. There hasn't been any interesting news on Brexit recently. Secondary news does not have a strong impact on the foreign exchange market. A successful attempt to breakthrough the 100% Fibonacci level will indicate the readiness of the instrument to continue the increase.
Purchase goals:
1.3118 - 61.8% Fibonacci
1.3168 - 50.0% Fibonacci
Sales targets:
1.2839 - 127.2% Fibonacci
1.2693 - 161.8% Fibonacci
General conclusions and trading recommendations:
The wave pattern still involves building a downward trend, especially after breaking through the bottom line of the triangle. Now, I recommend waiting for the completion of the corrective wave construction and selling the pair with targets located near the estimated levels of 1.2839 and 1.2693, which corresponds to 127.2% and 161.8% Fibonacci.
