FX.co ★ Wave analysis of GBP / USD for June 20. The minimum of the first wave of a downward impulse is punched

Analysis of wave counting:

During the trades on June 19, the GBP / USD currency pair lost about 80 percentage points and broke through at least May 29. Thus, now, with an equal degree of probability, two possible developments are possible. The first is the construction of a downward wave 3, a. In this case, the wave 2, a, takes a very truncated form. This option is supported by fundamental events. The second is the construction of a complex corrective 3-wave structure in wave 2, a. More chances for the implementation of the first option, but much will depend on the nature of the news that will come from Britain and the States in the coming weeks.

The objectives for the option with purchases:

1.3478 - 23.6% of Fibonacci

1.3528 - 127.2% of the Fibonacci of the highest order

1.3651 - 38.2% of Fibonacci

The objectives for the option with sales:

1.3045 - 200.0% of the Fibonacci of the highest order

General conclusions and trading recommendations:

The assumed wave 2, most likely, took a shortened form without a 3-wave internal structure. The break of the minimum of May 29 indicates the willingness of the instrument to build wave 3, in the downward part of the trend with the targets near the calculated mark of 1.3045, which corresponds to 200.0% of Fibonacci. Complication of wave 2, a, is possible, but now there is no reason to expect the execution of this option.