Analysis of wave counting:
During yesterday's trading, the GBP / USD pair began to roll back from the minimum reached on Friday and returned to the area of 1.2915 at the end of the day. The wave situation formed in this case allows us to assume that the wave a, in the composition of the downward correction, which developed from the maximum on August 3, began to acquire the signs of a full five-wave structure. If this is the case, then practically from the high of the past day, the currency pair may resume the decline of quotations in the direction of the level of the 28th figure, thus denoting the beginning of the 5th wave, in the composition of this wave a.
The objectives for building the downward wave:
1.2835 - 61.8% by Fibonacci
1.2789 - 76.4% by Fibonacci
Goals for the construction of an upward wave:
1.3000 - 1.3100
General conclusions and trading recommendations:
The British currency continues to build a downward set of waves. The decline in quotations may continue with targets near the estimated levels of 1.2835 and 1.2789, which corresponds to 61.8% and 76.4% of Fibonacci and lower within wave 5, and in the composition of a supposedly 3-wave downgrade. The downward corridor retains the prospect of lower quotations.