Wave marking analysis:
In general, as it was expected, in the course of yesterday’s trades the GBP/USD pair continued the ascending movement after elaboration of the target located near the level of figure 58.
Such growth of quotes appears to be the correction in relation to the whole descending 5-wave structure that was formed from 2 to 5 April. If that proves to be so, then after the formation of the inner wave structure of the supposed wave B is completed, the price will resume the downside movement towards 1.5780.
Targets for the variant with the wave C in B:
1.5954 – 23.6% according to Fibonacci
1.6009 – 11.4% according to Fibonacci
Targets for the variant with the wave C:
1.5833 – 50.0% according to Fibonacci
1.5779 – 61.8% according to Fibonacci
General conclusions and trading recommendations:
At the moment new part of the trend or, to be more precise, the corrective wave B is being formed. Intermediate targets for this wave are Fibonacci levels 1.5954 and 1.6009 which is equal to 23.6% and 11.4% of Fibonacci respectively. The inner wave structure of the current wave indicates the absence of waves B and C. Thus, the growth of the pair is likely to continue in the nearest hours. In case the wave B has been completed, the descending movement within the wave C (or supposedly 3) towards points 1.5833 and 1.5779 corresponding to 50.0% and 61.8% of Fibonacci, is likely to resume.
