The pair under consideration is also declining. The pound, as well as the euro, cannot make a long march, limiting itself to short bursts of activity. The current situation is an opportunity to change this trend, but buyers need to be persistent. So far, the observed decline is considered as a corrective decline, which may take the form of a simple zigzag.

Growth and updating of the current local maximum will indicate further development of the upward impulse in which wave 3 is formed. In this situation it will be possible to open buy trades.

Recommendations: Buy 1.2430, SL 1.2400, TP 1.2750.