Wave counting analysis:

During the November 2 trading session, the GBP / USD currency pair lost about 35 basis points. Thus, the estimated wave 4, c, took a very long form, but can be completed. If this is true, then from the current levels, the pair will resume a decline within wave 5, c. There is also an alternative option, in which the pair will proceed to the construction of an uptrend trend, but it is based on a favorable news background, which may not be the case. For the pound sterling, a lot still depends on the situation around Brexit and the negotiations on this issue.

The objectives for the option with purchases:

1.3043 - 61.8% of Fibonacci

1.3124 - 76.4% of Fibonacci

The objectives for the option with sales:

1.2638 - 261.8% of Fibonacci (senior grid)

General conclusions and trading recommendations:

The GBP / USD currency pair continues to build the estimated wave 4. However, this wave may end in the near future, so I do not recommend opening new purchases of the pair in the absence of a successful attempt to break through the 61.8% of the Fibonacci mark. If the pair passes the mark of 1.3043, this will mean readiness for further increase and, accordingly, complication of the wave structure of the instrument.