Analysis of wave counting:
Having started the yesterday's trading with a downward movement, the pair GBP / USD lost about 70 percentage points in price and at the end of the day, it returned to the area reached on the eve of the minimum. At the same time, it seems that as a result of this decrease, the currency pair somewhat complicated the internal wave structure of the wave 5, a, a, c, b, B, C, C, (A). It is even more complex, but at the same time more persuasive. If this is the case, the breakdown of the level of the 39th figure and the completion of the mark of 1.3880 will most likely lead to the conversion of the currency pair to the stage of formation of the future wave b, a, b, c, b, B, C, C, (A).
The objectives for building a downward wave:
1.3882 - 423.6% of Fibonacci
1.3800
The objectives for building an upward wave:
1.4035 - 261.8% of Fibonacci
1.4200
General conclusions and trading recommendations:
The wave counting assumes the construction of a descending set of waves. The reduction of quotations can continue within the impulse wave with targets near the mark of 1.3882, which is equivalent to 423.6% of Fibonacci. Within the framework of the construction of wave b, a, c, b, B, C, C, (A), an increase can begin with the targets near the mark of 1.4035 and 42 figures.