The pound is unlikely to remain unaffected by the strong upward movement in the euro, so we can expect interesting activity in this pair in the near future. The uncertainty of the correction in wave 2 is somewhat concerning. It looks like a single wave of decline. While it’s possible to interpret this pullback as a zigzag, it formed on a smaller time frame.

Therefore, we shouldn’t rule out the possibility that the correction might continue. The price might show readiness for a prolonged growth, slightly increase, and then sharply drop, breaking the current local minimum. Only after this could the true wave 3 of the upward impulse begin to develop.

In this situation, it may be advisable to try buying cautiously and move the position to break-even as soon as possible. This way, in case wave 3 develops right now, maximum profit can be achieved.

Recommendations: Buy at 1.2850, SL at 1.2820, TP at 1.3050.