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Analysis of wave counting:
In the course of the trading on the last day of the previous week, the GBP / USD pair still continued its downward movement, losing about 100 percentage points from the Asian session's maximum and broke the level of the 35th figure at the end of trading. In this case, the internal wave structure of the wave c, a, c, b, B, C, C, (A) has again acquired a completely completed form. At the same time, under the current conditions, the currency pair retains the potential for further decline of quotations to the level of 1.3400, or even to 1.3250, and even more complication of the whole wave с, b, В, С, С, (A).
The objectives for building a downward wave:
1.3538 - 100.0% of Fibonacci
1.3400 - 1.3250
The objectives for building an upward wave:
1.3900 - 1.400
General conclusions and trading recommendations:
The wave counting assumes the construction of a descending set of waves. The decrease in quotations may continue within the limits of wave c, a, b, c, b, b, c, c, (A) with targets near the calculated mark of 1.3538, which equals to 100.0% of Fibonacci, and below, about 34 figures. Within the framework of the construction of wave b, c, b, B, C, C, (A), the quotations may start to depart from the reached lows with targets located about 39 and 40 figures. An unsuccessful attempt to break the 1.3538 mark may lead to the completion of the downward wave.
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