Wave counting analysis:

On February 20, the GBP / USD pair lost about 20 bp and did not reach the level of 76.4% Fibonacci which is literally a few bp away. Thus, there are reasons for assuming that wave 2 of the descending trend section has completed its construction, and the pair is ready to go on to build impulse wave 3. If this is true, then the decline will start today or tomorrow. Meanwhile, the meeting of Jean-Claude Juncker with Theresa May did not make any progress, despite the assurances of the parties in its presence. The news background remains uniquely on the dollar side. Additionally, no fundamentally new decisions on Brexit have been made.

Shopping goals:

1.3109 - 76.4% 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. A successful attempt to break through the level of 76.4% on the small Fibonacci grid will lead to the conclusion that the current wave pattern is more complicated.