Analysis of wave counting:
As expected, during the Friday's trading, the GBP / USD pair continued the upward movement, which had become apparent the day before, having added more than 50 pp in price and completed the day near the level of the 30th figure. The resulting wave situation allows us to assume that after the completion of the 2nd wave, in the 3rd, 5th, 3rd, or C, the currency pair makes attempts to transition to the stage of forming the third wave, in the 3rd, 5th, 3rd, or C. If this is the case, the currency pair may have good prospects for the growth of quotations to 1.3150 and further to 1.3200 level.
Objectives for a downward wave option:
1.2900 - 1.3000
Objectives for an upward wave option:
1.3148 - 76.4% by Fibonacci
1.3200
General conclusions and trading recommendations:
The British currency has again undergone making adjustments to wave counting. At the moment, the quotations are expected to increase within wave 3, at 5, 3 or C, with targets near the mark of 1.3148, which corresponds to 76.4% of Fibonacci, and above about 32 figures. The correction wave 2, at 3, 5, 3 or C, presumably completed its construction.