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Analysis of wave counting:
During the trading session on May 23, the GBP/USD currency pair continued forming the expected first wave in the future together with a downward set of waves. The 261.8% Fibonacci mark, calculated from wave c, at 5, worked out the point in point. An unsuccessful attempt to break through the 33 figures led to a slowdown in the fall of the pair and gives hope for a corrective wave 2 in the future b. If this assumption is true, then the tool can start raising its targets located near the 1.3550 mark. At the same time, the instrument can further complicate the wave 1. This requires a successful attempt to break through the 33 figures.
Targets for buying:
1.3528 - 127.2% of the Fibonacci of the highest order
1.3555 - 200.0% by Fibonacci
Targets for sales:
1.3300 - 161.8% of the Fibonacci of the highest order
1.3300 - 261.8% by Fibonacci
1.3045 - 200.0% on the Fibonacci of the highest order
General conclusions and trading recommendations:
The tool continues to complicate the internal wave structure of the supposed wave 1, a, of the downward trend section. It is recommended to fix profits around 1.3300 and new sales should not begin before the successful attempt to break through 33 figures. The targets for the complicated wave 1 are located near the calculated mark of 1.3045, which corresponds to 200.0% of Fibonacci, constructed from the size of the entire wave 5 of the rising trend section that ended on April 17.* The presented market analysis is informative and does not constitute a guide to the transaction.
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