The pound has continued to rise actively since the beginning of the new trading week, closely approaching the previously established high. The likelihood of this upward movement forming as wave 3 is increasing. However, to continue moving in the same direction, a significant amount of energy is needed. Most likely, before attempting to update the high established by the presumed wave 1, the price will make a corrective move, forming something similar to a zigzag.

In this situation, it may be worth considering entering short positions at the current market levels once again. Given the strong upward movement, an adequate reaction from sellers can be expected, which may lead to a good decline or a prolonged sideways movement. Both scenarios suggest an initial decline, so it might be wise to cautiously sell.

Recommendations: Sell at 1.2980, SL at 1.3000, TP at 1.2900.