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Analysis of wave counting:
As expected, in the course of yesterday's trading, the pair GBP / USD continued the downward movement that began on Tuesday and broke through the level of the 41st figure at the end of the day, having worked at the mark of 1.4070. Thus, it seems that after reaching the bottom line of the rising channel, the currency pair has completed the formation of the wave 1, a, c, b, B, C, C, (A). If this is the case, the currency pair may begin to roll back from the minimum already reached yesterday and designate the beginning of the correctional wave 2, a, b, c, b, B, C, C, (A).
The objectives for building a downward wave:
1.3900 - 1.400
The objectives for building an upward wave:
1.4200
General conclusions and trading recommendations:
The wave counting assumes the construction of a descending set of waves. Within the framework of the construction of wave 2, a, c, b, B, C, C, (A), now there can begin an increase with targets that are about 42 figures. After the completion of this correction wave, it is expected to resume the decline with targets below 40 figures.
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