Analysis of wave counting:
In general, as expected, the GBP/USD pair started Friday's trading with downward movement and, losing in the price of more than 100 points, at the end of the day broke through the 1.3450 mark. The wave situation formed in this case makes it possible to consider the high of the last day of the past week as the top of the wave of c, in b, in the fourth, which assumed the form of a five-wave structure. If this is the case, then the already downward trend in quotations may be further developed, and the currency pair will confirm the transition to the stage of formation 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:
1.3538 - 161.8% by Fibonacci
1.3600
General conclusions and trading recommendations:
The construction of the downward wave 4 in the upward trend section continues. Now it is possible to resume the decline in the price of the trading instrument with targets near the estimated level of 1.2882, which corresponds to 50.0% of Fibonacci, within the limits of wave c, in 4. Wave b, in 4 can still continue its construction, complicating its internal structure even more, with targets located near the mark of 1.3538, which is equivalent to 161.8% Fibonacci, and above about 36 figures.