Wave marking analysis:
Following a rather sluggish Asian session, yesterday in the afternoon GBP/USD pair attempted to resume its upside movement, having consolidated near the 60th figure by the end of the trading session. Thus, the pound is most likely to be continuing shaping an internal wave structure of the future wave (from the third one). If this is the case, proceeding from the correlation between the waves a and c with the upside part of the trend starting October 6, the target level for wave c (from the third one) is near the 16200 level. Yet despite the fact that the stochastic has already entered the overbought zone, the price may well hit the specified values.
General conclusions and trading recommendations:
Proceeding from the picture, the currency pair may well grow. The 3rd wave is most likely to get prolonged. Proceeding from the fact that 3 in c (of the third senior one) has not yet finished, it is recommended to keep on trading moving towards the target of approximately 1.6210. 1.5989 and 1.6073 Fibonacci correction levels (61,8% and 76,4%) are intermediary targets. Once the price is moving to the 1.62 level, it is recommended to clarify the wave marking to get a more detailed vision of the situation and more precise trading aims regarding this currency pair.