The pound as well as the euro remains under pressure and is slowly declining. However, the situation of the pair in question is slightly different from that of the EUR/USD. There is no formation of an initial diagonal triangle. It looks more like a series of 1-2, 1-2 waves. Then it turns out that there is a development of lengthening in wave [iii] and the price is preparing for a prolonged growth.

But before that we will see a slight corrective decrease, which can be tried to work out.

Recommendations: Sell 1.2120, SL 1.2145, TP 1.2000.