Analysis of wave counting:
Yesterday's GBP / USD trades started with the expected downward movement, having lost more than 140 percentage points and stopped before the level of the 31st figure at the end of the day. At the same time, it can be assumed that the currency pair still remained in the stage of formation of the wave c, a, 4th, in which its inner 5th wave assumed a somewhat elongated appearance. If this is so, then the internal wave dimension of the entire wave c, a, 4th allows the currency pair to continue the decline of quotations at least to the level of 1.3065.
The objectives for building the downward wave:
1.3065 - 38.2% of Fibonacci
1.2882 - 50.0% of Fibonacci
The objectives for building the upward wave:
1.3291 - 23.6% of Fibonacci
General conclusions and trading recommendations:
The alleged wave 3 or C has completed its construction. Now it is possible to continue lowering the quotations with the targets near the calculated marks of 1.3065 and 1.2882, which corresponds to 38.2% and 50.0% of Fibonacci, within the wave a, 4. Within the corrective wave b, 4 may begin to rise with targets near the mark of 1.3291, which corresponds to 23.6% of Fibonacci. An unsuccessful attempt to break the 1.3065 mark may lead to the construction of a corrective wave.