11.05.202120:24 Forex Analysis & Reviews: Analysis of GBP/USD on May 11, 2021. Boris Johnson under investigation over Caribbean holiday

For the Pound/Dollar instrument, such movements continue, which are very difficult to attribute to any particular wave structure. The minimums of the assumed waves c and b practically coincide, so it is difficult to understand where exactly the construction of a new upward trend section began, which, depending on this, can take the form a-b-c or a-b-c-d-e. So far, I'm relying on a layout like a-b-c-d-e. If this counting is correct, then the increase in quotes may end around the estimated level of 1.4240, which corresponds to 0.0% Fibonacci. However, it may be earlier. The main thing is different. The current wave counting is not unambiguous. Therefore, it may require making adjustments and additions at any time. This means that it is more problematic to work out than the Euro/Dollar instrument. Let me remind you that wave counting should be as simple and understandable as possible so that you can work and earn money on it.

There was practically no news background for the Pound/Dollar instrument on Monday and Tuesday. A hot topic in the UK is the election in Scotland, which, according to many analysts, will greatly increase the chances of a referendum on Scottish independence in the next 1-2 years. However, it can hardly be said that the sterling is currently on the rise since Scotland may leave the UK soon. Also, the latest messages concerned Boris Johnson personally, to whom a couple of weeks ago questions arose regarding the financing of repairs in his apartment at 10 Downing Street, which is estimated at £200,000, and about his 2019 vacation on a private island in the Caribbean sea. According to reports, Johnson rested for the New Year holidays for 10 days at the villa, provided by Conservative Party donor David Ross. Thus, the opposition forces in the British Parliament and the bodies involved in the relevant affairs had questions, but what will David Ross receive in return for such a generous gift from Boris Johnson? Approximately there is also a question about the renovation of Boris Johnson's apartment, which, according to various sources, was also paid for through voluntary donations from the sponsors of the Conservative Party. However, the news background does not matter at all for the markets now. They are simply working out the current wave counting, which initially assumed the formation of at least three upward waves. Probably, these three (or five) upward waves are now being observed. If this assumption is correct, then already from the current positions or slightly above the instrument may begin to decline within the new three downward.

At this time, the wave pattern continues to be very confusing, so I recommend waiting for its clarification. There are at least several variants of wave counting, each of which can be implemented in the coming weeks. The movement of recent days looks tempting, but the entire wave counting continues to look ambiguous.

The downward trend section, which began its construction a couple of months ago, is taking on a rather ambiguous form. As I said above, several wave counting options are possible at once. Unfortunately, different options offer different further developments. Therefore, it may be necessary to wait for some time for the current wave counting to clear up a little.