Analysis of wave counting:

Not very impressive indicators of Britain on the country's GDP in the 4th quarter of last year did not allow the GBP / USD currency pair to continue yesterday's upward movement, which is why the price fell by 140 points from the maximum of the European session (1.4070) to the level of 1.3930. It can be assumed that, despite the considerable volatility of trades, the currency pair remained in the stage of formation of the wave 2, 5, 5, a, B, C, C, (A), somewhat complicating its internal wave b. At the same time, the currency pair still retains the potential allowing it to continue lowering the quotations to 1.3700 and giving the wave 4, 5, a, B, C, C, (A) the form of a rather complex correction triangle.

The objectives for building a downward wave:

1.3880 - 76.4% of Fibonacci

1.3823 - 50.0% of Fibonacci

1.3700 - 61.8% of Fibonacci

The objectives for building an upward wave:

1.4294 - 685.4% of Fibonacci

1.4400

General conclusions and trading recommendations:

The construction of the upward trend section continues. Now, the quotations are expected to increase by targets that are around 44 figures within wave 5, 5, a, B, C, C, (A). The construction of the correction wave 2 with targets near the marks of 1.3880 and 1.3823, which corresponds to 76.4% and 50.0% of Fibonacci, is supposedly completed, but the wave may well take a more complicated look.