Analysis of wave counting:

During the trades on July 27, the GBP / USD currency pair passed in each direction no more than 25 percentage points and completed the day at the opening levels. Thus, the pair remains within the framework of constructing a downward trend section, in spite of the fact that the expected wave 3, a, looks completely completed. The main factor determining the trend is now the downward corridor, which retains the prospect of lower quotations. A successful attempt to break through the upper line generates the pair's transition to the construction of the uptrend section of the trend.

The objectives for the option with purchases:

1.3301 - 161.8% of Fibonacci (the oldest Fibonacci grid)

The objectives for the option with sales:

1.2962 - 200.0% of Fibonacci

1.2809 - 261.8% of Fibonacci

General conclusions and trading recommendations:

The GBP / USD currency pair can still complicate the downward trend section. If this is the case, then the decline in quotations will resume with targets near the estimated levels of 1.2962 and 1.2809, which equates to 200.0% and 261.8% of Fibonacci. The breakthrough mark of 1.22962 will require the introduction of additions to the current wave counting. I recommend that the pair buy the pair after a successful attempt to break the top line of the corridor with targets above 33 figures.