Analysis of wave counting:
In general, it is expected that during the beginning of the Friday's European session, the pair GBP / USD began to rise in quotes and reached the level of 1.2888 at the end of the day. In this case, it seems that as a result of such an upward movement, the currency pair confirmed the transition to the stage of formation of the internal wave structure of wave b, as part of a downward correction, which was developed from the highs of the beginning of the month. If this is the case, the currency pair can continue the designated upward movement towards the level of the 30th figure or the 1.3020 mark.
The objectives for building the downward wave:
1.2789 - 76.4% of Fibonacci
1.2714 - 100.0% of Fibonacci
Goals for the construction of the upward wave:
1.2962 - 38.2% of Fibonacci
1.3020 - 50.0% of Fibonacci
General conclusions and trading recommendations:
The British currency continues to build a downward set of waves. The increase in quotations may continue with the targets near the estimated levels of 1.2962 and 1.3020, which corresponds to 38.2% and 50.0% of Fibonacci, within the wave b as part of the 3-wave downward structure. After its completion, it is expected to resume the decline in quotes within the wave with a target below 28 figures.