Analysis of wave counting:

During the Friday's European session, the GBP / USD pair began with the resumption of the downward movement, having lost more than 180 percentage points in price and fell to the level of 1.3745 already in the middle of the day. Thus, it seems that the drop in quotations that started on Thursday can probably be considered as the formation of the wave c, a, c, b, B, C, C, (A). If this is the case, then in the process of development of the internal wave structure of this wave c, a, c, b, B, C, C, (A), the currency pair will continue to decrease at least to the level of the 37th figure.

The objectives for building a downward wave:

1.3714 - 61.8% of Fibonacci

1.3600

the objectives for building an upward wave:

1.4000

General conclusions and trading recommendations:

The wave counting assumes the construction of a descending set of waves. The decline in quotes may continue in the wave c, a, c, b, B, C, C, (A) with targets near the mark of 1.3714, which equates to 61.8% of Fibonacci. Within the framework of the construction of wave b, c, b, B, C, C, (A), the quotations may start to move away from the reached lows with targets about 40 figures.