The pound, which looks much more confident than the euro lately, was much firmer during the last trading session. Firstly, we did not see the renewal of the local minimum. Secondly, the price grew and did not strongly roll back.

Most likely, formation of wave 1 which took the form of an initial diagonal triangle (wedge) was completed earlier; the recent drastic growth is an attempt to correct the growth within the wave 2 formation.

On this basis, further growth within the development of the wave 2 is expected in the near future.

Recommendations: Buy 1.2400, SL 1.2375, TP 1.2500.