Analysis of wave counting:
The GBP/USD pair has failed to progress a meaningful upward movement. Nonetheless, it was able to reach a new high for the day. All throughout the day, it stayed within the range with the maximum fl price fluctuations for about 50 pips. It can be assumed that the currency pair remained in the formation of the 3rd wave approaching its completion in this order: in the 3rd, in the 3rd, in the 5th, in the 3rd, or C. Hence, the target fixing price would be at 1.3250-1.3260 which could lead to a rollback to the area of the 31st figure, or the level of 1.3080.
Objectives for building a downward wave:
1,3083 - 61.8% Fibonacci retracement
1.2900 - 1.3000
Goals for building an upward wave:
1.3252 - 100.0% by Fibonacci
1,3300
General conclusions and trade recommendations:
The British currency has undergone new adjustments to wave counting. At the moment, the quotations are expected to increase within wave 3, at 5, at 3 or C. The target will be at 1.3252 corresponding to 100.0% of Fibonacci, and above about 33 figures. The barrier in the upside limits the upward trend of the section while a breakout in the lower limit opens the possibility for a downward trend. Now it is possible to withdraw quotations from the peaks achieved within the correctional wave 4 framework with targets located near the 1.3083 mark.