Wave counting analysis:

On January 30, the GBP / USD pair rose by 50 bp, presumably completing the construction of wave 4, as part of the future 3 uptrend trend. If the current wave counting is correct, then the increase in quotations will continue within wave 5 with targets located near the Fibonacci 127.2% level. Wave 4, at 4 at the moment looks fully equipped, a breakthrough of its minimum will lead to the need to clarify the wave pattern. The greatest doubts in the option with the increase is the lack of a specific and intelligible decision on the issue of Brexit s well as the preliminary refusal of the EU to conduct new negotiations with Britain. More so, Theresa May's parliament rejected the plan.

Shopping goals:

1,3297 - 127.2% Fibonacci

1.3367 - 127.2% Fibonacci

Sales targets:

1.2996 - 76.4% Fibonacci

1.2889 - 61.8% Fibonacci

General conclusions and trading recommendations:

The wave pattern assumes the construction of wave 5, 3. Thus, I expect the resumption of the increase and recommend buying the instrument with targets near the estimated level of 1.3397, which equals 127.2% Fibonacci . Breakthrough of the minimum of wave 4, in 3 will cancel the execution of the variant with the construction of an upward wave.