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Analysis of wave counting:
During the yesterday's European session, the GBP / USD pair started with a decrease. However, it could not develop any meaningful downward movement and returned to the level of the 38th figure from the mark of 1.3740 until the end of the day. It can be assumed that the currency pair is still in the final stage of formation of the 5th wave, 3rd, 5th, a, B, C, C, (A). If this is the case, the breakdown of the maximum reached on January 15 (1.3820) may allow the currency pair to complete the 3rd wave and designate the beginning of the 4th wave, 5th, a, B, C, C, (A).
The objectives of building the downward wave are:
1.3600 - 1.3500
The objectives of building the upward wave:
1.3797 - 423.6% of Fibonacci
1.3900
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 raising quotations with targets near the estimated mark of 1.3797, which corresponds to 423.6% of Fibonacci, within the 5th wave, a, B, C, C, (A), and above about 39 figures. An unsuccessful attempt to reach the mark of 423.6% led to the withdrawal of quotations from the peaks reached.
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