Analysis of wave counting:
Despite the significant amplitude of the price change, during the last day of the past week, the GBP / USD currency pair held in the range, remaining between the levels of the 40th and 39th figures. The current wave situation suggests that the currency pair continued to make attempts to complete the 2nd wave and go over to the stage of formation of the first generating waves in the composition of the future wave 3, 5, 5, a, B, C, C, (A). At the same time, as mentioned earlier, the currency pair retains the potential to lower the quotations to the level of 1.3700 and the formation of the wave 4, 5, a, B, C, C, (A) in the form of a fairly complex correction triangle.
The objectives for building a downward wave:
1.3880 - 76.4% of Fibonacci
1.3823 - 50.0% of Fibonacci
1.3700 - 61.8% of Fibonacci
The objectives for building an upward wave:
1.4294 - 685.4% of Fibonacci
1.4400
General conclusions and trading recommendations:
The construction of the upward trend section continues. Now, the quotations are expected to increase by targets that are around 44 figures within wave 5, 5, a, B, C, C, (A). The construction of the correction wave 2 with targets near the marks of 1.3880 and 1.3823, which corresponds to 76.4% and 50.0% of Fibonacci, is supposedly completed.