Wave counting analysis:

During the trading session on December 7, the GBP / USD currency pair fell by 55 basis points. Wave counting now looks too confusing due to a large number of Brexit-related questions that need to be answered. Theoretically, the entire trend section, taking its beginning on November 7, looks like a non-standard 5-wave structure. However, even the internal structure of wave 5 looks extremely difficult. Thus, I recommend to monitor developments in the next two days, and there should be a lot of events.

The objectives for the option with purchases:

1.2935 - 50.0% of Fibonacci

1.2991 - 38.2% of Fibonacci

1.3175 - 0.0% of Fibonacci

The objectives for the option with sales:

1.2637 - 261.8% of Fibonacci (senior grid)

1.2566 - 127.2% of Fibonacci

General conclusions and trading recommendations:

The GBP / USD currency pair continues to build a downward wave and, presumably, its internal wave 5. The unsuccessful attempt to break through the mark of 1.2695, which corresponds to 100.0% of Fibonacci, indicates the pair is ready to build an upward wave. Today and tomorrow, a great amount of important information may come from the UK and on the subject of Brexit, so the wave pattern may require adjustments, and I recommend waiting for clarification of the situation.