The British currency also failed to rise and establish a local maximum. Instead, the price went even lower. Likely, this marks the beginning of a correction of the formed upward impulse wave.

If this is indeed the case, we are unlikely to see any directed movement soon. The price will predominantly toss from side to side in a downward direction.

Trying to catch anything in this local storm is questionable, so it is recommended to continue observing the development of the situation while staying out of the market and waiting for a favorable moment to make a prospective trading deal.

Recommendations: Flat.