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The trend, which started on September 23, has taken a five-wave form. However, wave marking can be complicated many times. The pound sterling is growing. So, the expected fifth wave can also take a five-wave form. If this assumption is correct, then the quote will continue to rise. It may well approach the 40 figure.
On the chart, wave marking also underwent certain changes. Wave 5 has already taken a more extended form, and if the current wave marking is correct, then wave 3 in 5 is being built at this time. An unsuccessful attempt to break through the 127.2% Fibonacci level indicates a possible formation of an internal correction wave, but the entire wave pattern has not yet taken a complete form. Thus, I'm awaiting when the pair breaks through the 37 figure and continue to grow further.
Investors suddenly shifted their attention from the UK to the US. The UK has long remained in the limelight. So, everyone is already used to the fact that news from there shapes the market sentiment. However, the Brexit agreement has been finally signed. Besides, the third wave of the epidemic with a new strain (more contagious) did not scare the markets and did not halt the rally of the pound sterling. Today or tomorrow, we will learn who will control the US Senate. At the moment, the votes are being counted in the state of Georgia, and it is quite possible that two Democrats will win, which will bring their total presence in the Senate to 50. And with Kamala Harris's decisive vote, it is the Democrats who will control the Senate. Yet, Republicans and Donald Trump are facing new challenges. The US president, who will remain in power for two weeks, continues to make attempts to stay in power. However, more and more officials are turning away from him. Not all Republican senators are now ready to support Trump's interests and fight for him. US Vice President Mike Pence said in a personal conversation with Trump that he does not have the authority to somehow influence the results of the election. As a result, both Trump and the Republicans may eventually suffer a crushing defeat. Over the next four years, Democrats can control all power in the country.
Today the Governor of the Bank of England Andrew Bailey will deliver a speech. In the evening, the Fed will unveil the minutes of the last meeting. Investors are sure to take notice of these events. Besides, market participants are anticipating the ADP National Employment Report as well as the Services PMI data from the US and EU.
Recommendations:
The GPB/USD pair is likely to resume the upward movement. Thus, it is recommended to open long deals on this pair after it breaks through the 37 figure with targets located near the 40 figure, within the expected 3 in 5 in 5 wave of the uptrend section. You can also open long deals on the pair after the new signals of the MACD. However, the upward movement is unlikely to last long. When the whole structure comes to completion, it is recommended to open long deals.
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