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Analysis of wave counting:
In the course of trading on August 31, the GBP / USD currency pair declined by 70 percentage points, while the trades in the new week opened with a break of another 20 percentage points. Thus, there are reasons to suppose the completion of the construction of wave 4, a. If this is the case, then the pair is ready to build a wave of 5, a, with targets located under the 26 figure. The very wave 5, a, can take a very extended form, since waves 3 and 4 are also quite long.
The objectives for the option with purchases:
1.3068 - 50.0% of Fibonacci retracement
1.3164 - 61.8% of Fibonacci retracement
The objectives for the option with sales:
1.2636 - 261.8% of Fibonacci (the oldest Fibonacci grid)
1.2312 - 423.6% of Fibonacci retracement
General conclusions and trading recommendations:
The currency pair GBP / USD has supposedly completed the construction of wave 4. Thus, I recommend resuming sales of the pair with the first targets near the calculated mark of 1.2636, which equates to 261.8% of Fibonacci. A successful attempt to break this mark will indicate the pair's full readiness for further decline with targets located around 1.2312, which corresponds to 423.6% of Fibonacci.
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