The current attempt to resume the decline in this trading pair seems somewhat illogical. The price might need some time to consolidate in a sideways movement to form a clear wave b in the zigzag pattern, which is presumably the shape wave 2 is taking. This could happen if buyers manage to hold the British currency’s rate and launch a counterattack. Otherwise, the corrective decline in wave 2 will continue and end sooner than expected.

After this, a rise in wave 3 may follow, which could potentially be quite strong and prolonged. However, it is definitely not worth rushing into trading decisions at the moment. Today, it is better to continue observing from the sidelines.

Recommendations: Flat.