Wave counting analysis:

On February 18, the GBP / USD pair gained about 30 bp, but did not go beyond the maximum of the expected wave 2 or b. Therefore, there is a possibility that the pair will still continue the decline within the expected wave 3 or from the downward trend segment with targets located near the 61.8% and Fibonacci 76.4% levels. At the same time, going beyond the maximum of wave 2 or b will lead to the complication of the current wave marking, the need for its revision. Meanwhile, the news background remains on the side of the US dollar, as the UK is still unable to please the market. There are also no positive shifts in the Brexit negotiations.

Shopping goals:

1.3033 - 23.6% Fibonacci

Sales targets:

1.2734 - 61.8% Fibonacci

1.2619 - 76.4% Fibonacci

General conclusions and trading recommendations:

The wave pattern still assumes the construction of a downward wave. Thus, now, I recommend selling the instrument with targets located near the estimated levels of 1.2826 and 1.2734, which equates to 50.0% and 61.8% Fibonacci. It is advisable to place protective orders above 1.2957 (maximum of wave 2 or b).