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Analysis of wave counting:
After the price fell to 1.3915, in the middle of yesterday's trading, the pair GBP / USD was able to resume the upward movement, adding about 110 pp in price, and break through the level of the 40th figure at the end of the day. It can be assumed that the currency pair still remained in the stage of formation, which significantly complicated its wave structure of the 5th wave, 3rd, 5th, a, B, C, C, (A ). If this is the case, the development of a settlement target in the region of 1.4030-1.4040 may allow the currency pair to make a turn and designate the beginning of the 4th wave, 5th, a, B, C, C, (A).
The objectives for building the downward wave:
1.3600 - 1.3500
The objectives for building the upward wave:
1.4031 - 685.4% of Fibonacci
1.4100
General conclusions and trading recommendations:
The construction of the upward trend section continues, but the entire wave counting of the instrument is not entirely unambiguous now. It is now possible to continue increasing quotations with targets near the estimated level of 1.4031, which equates to 685.4% of Fibonacci, within wave 5, a, B, C, C, (A), and above about 41 figures. Within the framework of the correctional wave 4, quotations can retreat from the reached maximum with targets that are around 36 figures.
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