Wave counting analysis:

On February 15, the GBP/USD pair gained about 80 bp. However, if the current wave counting is correct, the pair proceeded to build a downward third wave or c and forms the first two internal waves. There is also a possibility that the last two increases on one decline, which is a nonstandard 2nd wave. Yet, in this case, a descending third wave is expected. Protective orders can be placed just above this level. On the subject of Brexit, nothing new can be said now. Theresa May is going for a to a new voyage across Europe with the aim of new negotiations on the conditions for leaving the European Union.

Purchases targets:

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 new downward wave. Thus, now I recommend selling again the instrument with targets located near the estimated marks of 1.2826 and 1.2734, which equates to 50.0% and 61.8% Fibonacci. It is advisable to place protective orders above 1.2917.