Wave marking analysis:
As the result of yesterday’s trades, the GBP/USD has failed to complete firmly the formation of the descending correction and by the beginning of the American session passed more than 100 pips from the Wednesday’s high. Therefore, the descending movement developing from the April 30 high continues to complicate its inner wave structure and still looks as unfinished correction enabling the completion of correction levels of 50,00% or even 61.8% corresponding to the points 1.6060 and 1.6000. This prolonged correction can question the properties of pound and continue upward movement towards April’s high (1.6300).

Targets for the elaboration of the wave 5 in 5:
1.6242 – 11.4% of Fibonacci
1.6325 – 200.0% of Fibonacci

Targets for the elaboration of the wave 4 in 5:
1.6114 – 38.2% of Fibonacci
1.6058 – 50.0% of Fibonacci

General conclusions and trading recommendations:
The current part of the trend can be related to the new 5-upward wave structure. At the moment the wave 4 in 5 continues its development. Intermediary targets for this wave are Fibonacci levels of 1.6114 and 1.6058 which is equal to 38.2% and 50.0% of Fibonacci. When the wave 4 in 5 is finished we will probably observe the new impulse within the wave 5 in 5 with 1.6242 and 1.6325 seen as targets which corresponds to 11.4% and 200.0% of Fibonacci. Nevertheless the corrective wave 4 is expanding and getting more complicated.