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In the most global terms, the construction of the upward trend section continues, however, the wave marking takes a complex form and may become more complicated more than once. The section of the trend that started on September 23 took a five-wave form, but not an impulse one. A successful attempt to break the previous peak indicates that the markets are ready for further purchases of the British pound. The supposed wave e also took a five-wave form.
The lower chart clearly shows the a-b-c-d-e waves of the upward trend section. The assumed wave e took a more complex five-wave form. However, even with this complication, it is nearing completion of its construction. At the same time, the demand for the British remains quite high. This means that the upward section of the trend can be complicated almost indefinitely. I am still inclined to the option of a fall in the instrument's quotes.
Trade negotiations between the EU and the UK are continuing, and the parties, meanwhile, have decided to return to one of their favorite ways to pressure each other. Threats and blackmail. First, the head of the European Commission, Ursula von der Leyen, said that the European Union is ready for Brexit without an agreement, although it would like to avoid such a scenario. Then the head of the EU negotiating team, Michel Barnier, warned his British counterpart, David Frost, that there would be no agreement without concessions and Brussels could leave the talks altogether. So far, the discussions are being held in video format, but the face-to-face meeting may not take place this weekend if London is not ready to make concessions, Barnier said. Thus, 35 days before the end of the transition period, the situation is heating up again, and the chances of concluding a deal are falling again. At the same time, French Foreign Minister Jean-Yves Le Drian accused the UK of delaying negotiations. Earlier, the European Union has repeatedly made such accusations, believing that London is not going to compromise and give in and is just stalling for time, not wanting to show the whole world its disregard for the negotiations. The diplomat also said that France will not concede to Britain on the issue of fishing. Let me remind you that it is France that may suffer the most if the UK establishes full control over its waters and cuts off access to them to other European states. This is what London wants to achieve and this is what the EU wants to avoid. Thus, the most important issue, as we see, has not been resolved, and the negotiations may not resume in an offline format at all. "The outcome of the case is unclear. British concessions are insufficient on the most important issues," Le Drian said. "The UK is wasting time on minor issues and playing with the calendar. We will not allow the calendar to take over the content of the agreement," the French diplomat concluded.
General conclusions and recommendations:
The pound/dollar instrument has resumed building an upward trend, however, its last wave is nearing completion. Thus, now I recommend looking closely at the sales of the instrument, however, the British still do not give clear signals about the end of the upward section of the trend. At the same time, purchases of the instrument are now quite dangerous, given the uncertainty associated with the trade deal.
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