Analysis of wave counting:

At the beginning of yesterday's European session, the GBP/USD pair still continued the downward movement that began on Friday and reached the level of 1.3330 at the end of the day. Thus, it seems that the currency pair confirmed the transition to the stage of formation of the 5th wave, in a, in c, in the presumed 4th. If this is the case, then testing the level of the 33rd figure can lead to a price turn against the dollar, which in turn will mark the beginning of the future wave b, in c, in this 4th.

Targets for a downward wave option:

1.3291 - 23.6% by Fibonacci

1.3200

Targets for an upward wave option:

1.3538 - 161.8% by Fibonacci

1.3600

General conclusions and trading recommendations:

The construction of the downward wave 4 in the upward trend section continues. Now it is possible to continue the decline in the price of the trading instrument with targets near the estimated level of 1.3291, which corresponds to 23.6% of Fibonacci, and below, about 32 figures, within wave a, in c, in 4. After it is completed, in the area of 1.3538 and above. An unsuccessful attempt to break the 1.3291 mark may lead to the completion of the downside wave.