Wave analysis: Yesterday’s trading session was not successful for the GBP/USD pair, which could not manage to continue upward movement and rebounded more than 80 points from the highs of Asian trading session. Meanwhile, it looks like fifth wave in 5 became little shorter, which happens when the highs of extended trends are forming. If this assumption is correct then the outlined decline of the price may get further development towards the level of figure 60. Targets for down wave: 1.6142 – 200.0% of Fibonacci 1.6051 – 161.8% of Fibonacci Targets for up wave: 1.6289 – 261.8% of Fibonacci Summary and trading recommendations: It looks like the British pound has completed the building of an uptrend channel. The increase of the quotes may continue with targets placed near the level of 1.6289, which is corresponding to 261.8% of Fibonacci in terms of wave 5 in 5 (if it is not completed). If wave 5 is completed (and its inner wave 5 is shortened), then building of down wave or a series of waves starts with targets placed near the calculated targets 1.6142 and 1.6051, which is corresponding to 200.0% and 161.8% of Fibonacci. The break of its lower line the upward channel suggests that the pair is ready to build the down wave.
