Analysis of wave counting:
After starting trading last week with the further development of the upward movement, the GBP/USD pair added about 150 pp in price and on Friday reached the level of 1.3360. The current wave situation makes it possible to assume that the currency pair is still in the stage of approaching its completion of the formation of wave b, in the 4th. If this is the case, then from the already reached highs, or slightly higher, the currency pair will resume the decline of quotes and mark the beginning of the future wave c, in the 4th.
Targets for a downward wave option:
1.3065 - 38.2% by Fibonacci
1.2882 - 50.0% by Fibonacci
Targets for an upward wave option:
1.3479 - 11.4% by Fibonacci
General conclusions and trading recommendations:
The sterling pound continues to build a downward set of waves in the composition 4. This week, it is expected that the quotes will resume falling within the wave c, in 4 uptrend sections of the trend with targets located near the estimated marks of 1.3065 and 1.2882, which corresponds to 38.2% and 50.0% of the Fibonacci. The upward movement still retains the prospects for building an uptrend. Wave b, in 4 resumed its construction and can take an even more complicated form.