Analysis of wave counting:

As expected, yesterday's GBP / USD trades started with the resumption of the downward movement, losing about 130 pp in price and reached 1.4025 in the afternoon. It looks like the currency pair has confirmed the completion of the 3rd wave, 5th, a, B, C, C, (A) and the transition to the formation stage of wave a, 4th, 5th, a, B, C, C, (A). If this is the case, the currency pair may continue to decline quotations in the direction of the level of the 39th or 38th figure.

The objectives for building the downward wave:

1.3946 - 38.2% of Fibonacci

1.3823 - 50.0% 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, but the entire wave counting of the instrument is not entirely unambiguous now. The wave 3, 5, a, B, C, C, (A), supposedly completed its construction near the mark of 1.4294, which equates to 685.4% of Fibonacci. Within the framework of the correctional wave 4, the decline began and continues with the targets near the estimated levels of 1.3946 and 1.3823, which is equivalent to 38.2 and 50.0% of Fibonacci.