Wave counting analysis:

On May 7, the GBP / USD pair lost about 25 bp. Thus, the upward part of the trend, taking its start on April 25, can be completed. However, this does not clarify the wave marking, which remains very ambiguous and interpretable in any direction. The pair moves mainly with three-wave structures without clear trend sections. Nevertheless, I look forward to the resumption of the decline instrument. In my opinion, the news background remains on the side of the US dollar. Despite the fact that the UK government maintains hopes of leaving the European Union, the events of the last 6-8 months show that the probability of abandoning Brexit is rather high. More so, the possibility of holding a second referendum in the country is being discussed at all, since the parliament headed by Theresa May cannot come to the adoption of any option according to Brexit.

Purchase goals:

1.3182 - 61.8% Fibonacci

1,3259 - 76.4% Fibonacci

Sales targets:

1.2867 - 0.0% Fibonacci

General conclusions and trading recommendations:

The wave pattern implies a decline in the pair, and the upward part of the trend can be completed. I do not recommend buying a pair, as the instrument does not have any news support, and negative messages continue to come from the UK. Yet, I expect that the increase of the instrument will be completed near the calculated marks of 61.8% and 76.4% Fibonacci. Meanwhile, the current wave counting does not give a definite answer to the question whether the instrument is ready to build a downward section.