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The trend, which started on September 23, has taken a complete five-wave form. However, the wave pattern can be complicated many times. The pound's quote continues to rise, so the expected fifth wave can also take a five-wave form. If this assumption is correct, then the quote will continue to rise and may well approach the 40th mark.
The wave marking in the smaller time frame also made certain changes, with wave 5 already taking a more extended form. If the current wave marking is correct, then wave 3 in 5 is being built at the moment. 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, we should wait for the pair to break through the 37th mark and continue to further rise.
Markets remain focused on the United States. It was already mentioned in the previous review what happened last night in Washington – Donald Trump was the culprit of the Capitol attack in an attempt to stop the approval process for the US presidential election. At least 4 people died during this commotion. A little later, the US Congress resumed its work and still approved Georgia's results of the voting, as well as the results of the presidential election. Thus, Donald Trump, who had previously tried to influence the election results through the Republican governors, courts and his deputy Mike Pence, suffered another defeat. Moreover, U.S Congresswoman, Ilhan Omar, tweeted that Donald Trump will now be impeached, which will be the second for the current head of state. She said that the current US President should be removed from office to preserve the republic. At the same time, the Democrats called on Vice President Mike Pence to apply the 25th amendment to the Constitution and remove Donald Trump from office. Thus, the final two weeks of Donald Trump's presidency promise to be very eventful and interesting.
On another note, there were few interesting economic events yesterday. The markets were not pleased with the PMI service sector in the US and UK. In addition, the Governor of the Bank of England talked about the deal with the European Union during his speech, and not about monetary policy and the economy. Today, there will be an important index of business activity for the non-manufacturing sector ISM, as well as data on the number of applications for unemployment benefits in the United States. However, the attention will still be focused on Trump, Congress and the United States.
Overall conclusions and recommendations:
The GBP/USD pair continued to build the upward trend. Thus, it is recommended to buy this pair after it breaks through the 37th mark, with targets located near the 40th mark located within the expected 3 in 5 in 5 wave of the upward trend section. Moreover, it is also possible to buy the pound on a new bullish signal of the MACD indicator. However, it should be noted that the upward trend might not take a lengthy form. And the closer its completion, the more risky to buy the pound.
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