FX.co ★ Wave analysis of GBP / USD for May 22. The pound sterling continues to fall into the abyss.

Analysis of wave counting:

During the yesterday's trading, the British pound continued its decline. However, from the point of view of wave analysis, the pair continues to build a downward wave, presumably wave a, 1, a new downward trend segment. Settlement targets are about 33 figures, from which the pair can start a withdrawal of quotations within the framework of constructing a correctional wave b, 2.

The objectives for the option with purchases:

1.3528 - 127.2% of the Fibonacci of the highest order

1.3555 - 200.0% of Fibonacci

The objectives for the option with sales:

1.3300 - 161.8% of the Fibonacci of the highest order

1.3300 - 261.8% of Fibonacci

General conclusions and trading recommendations:

The tool continues to complicate the internal wave structure of the assumed wave a, 1, of a new downtrend section of the trend. Therefore, I recommend selling the pair with a target located near the estimated mark of 1.3300, which corresponds to 161.8% and 261.8% of Fibonacci. An unsuccessful breakthrough attempt of the 33 figure will warn of the instrument's readiness to build the upward wave b and will serve as a good signal for closing sales and forming small purchases with targets of 1.3528 and 1.3555.