Analysis of wave counting:

Failing to gain a foothold above the level of the 36th figure for the past week, the pair GBP / USD held in the range, trading between the levels of 1.3650-1.3550. Thus, the emerging wave situation suggests that the currency pair remained within the 5th wave, in the 3rd (or C), forming its internal 4th wave. If this is the case, then before the growth of quotations to resume at 1.3850 or even 1.3950, the currency pair can continue the already apparent price decline down to the level of 1.3400.

The objectives for a downward wave option:

1.3400

1.3260 - 127.2% of Fibonacci

Goals for an upward wave option:

1.3629 - 200.0% of Fibonacci

1.3850 - 261.8% of Fibonacci

General conclusions and trading recommendations:

The pound sterling resumed the construction of the upward wave 3 or C. This week, it is expected to continue increasing quotations within wave 5, 3 or C with targets located near the estimated marks of 1.3629 and 1.3850, which corresponds to 200.0% and 261.8% of Fibonacci. The upward corridor still retains the prospects for building an uptrend. An unsuccessful attempt to breach the 1.3629 mark led to the withdrawal of quotes from the peaks achieved and the construction of a correctional wave 4, 5.