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The wave pattern for the Pound/Dollar instrument continues to look quite convincing. The increase in quotes in the last few days suggests that the construction of wave D has begun after all. Also, the current increase in quotes can be interpreted as the first wave of a new upward trend segment.
A three-wave structure is already visible inside this wave. If this is Wave D, then this may be the end of it for the pound. If not, then the increase of the instrument will continue with the targets located around 36th and 38th figures. A successful attempt to break through the 50.0% Fibonacci level will indicate the readiness of the markets for further purchases, but the wave can still be interpreted as D.
The instrument continues to move with the help of corrective structures, so at any moment the downward trend section may take a more complex form. Moreover, it is also possible to build a new downward wave for the euro.
The exchange rate of the Pound/Dollar instrument moved with an amplitude of 20 basis points on Monday. Slightly larger than the Euro/Dollar instrument. However, the movement of the former was radically different. The British pound continues to be in demand, despite the absence of the news background.
The latest news concerning Omicron also did not interest the market. And for sure, the pound could not get their support as the danger of the newly found strain of coronavirus slowly dissipates. This is general news and should not support a particular currency. Since there is no news background now, it has no effect on the market. Therefore, I can only analyze the wave pattern now.
The wave pattern of the Pound/Dollar instrument looks quite convincing now. The supposed wave e could complete its construction. Thus, now I would advise buying the instrument with targets located near the estimated mark of 1.3457, which corresponds to 50.0% Fibonacci, for each upward signal from the MACD. A successful attempt to break through this mark – and purchases can be kept with a target of 1.3641.
Starting from January 6, the construction of a downward trend section continues, which can turn out to be almost any size and any length. At this time, the proposed wave C may be nearing its completion (or completed). However, the entire downward section of the trend may lengthen and take the five-wave form A-B-C-D-E.
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