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The section of the trend, which originated on September 23, took a five-wave form. The internal wave structure of wave 5 in 5 still may change as well as the entire wave 5. Nevertheless, the section of the upward trend has been coming to its end for a long time. The demand for the pound sterling remains quite high. If it breaks above the previous high (near the 37 pattern), it may lead to a new complication of the uptrend.
On the chart, the wave marking has undergone certain changes. Additionally, it may change again. At the moment, the pound sterling may resume the upward movement within the 5 in 5 in 5 wave. At the same time, the wave marking of the 5 in 5 wave looks quite ambiguous. If it breaks above the 127.2% Fibonacci level, the pound sterling will gain momentum.
Yesterday demand for the British currency stirred up amid UK inflation data but only for a few hours. Then it bounced off its highs losing about 90 basis points. However, at the moment, the pound sterling has returned to the 37 pattern again. Today, it may attempt to break it again. Meanwhile, news from the UK ais rather grim. On January 20, 1,610 people died from the coronavirus in the UK, the biggest figure reported in a single day since the pandemic began. Despite the fact that the spread of the virus has been decreasing again in recent days, people continue to die. The government has already started vaccination. It plans to vaccinate the entire adult population of the UK by September this year. The strict quarantine also remains in force but so far these measures have not affected the death rate. There have less new coronavirus cases recently. According to the Johns Hopkins University, about 40,000 new cases have been registered in the UK, down by 20,000 in comparison with the peak of the third wave.
Andrew Bailey said that the impact of quarantine restrictions and the new wave of coronavirus is no longer so destructive for the economy. It is just not as harmful as it has been recently. Earlier, Andrew Bailey said that negative rates are unlikely to be introduced in the near future. "It is going to take time because there's quite a lot of technical complexity," he pointed out. Today the UK will not unveil any economic data, while the US will release its initial jobless claims report. Last time, the reading unexpectedly exceeded the forecast's value. If it occurs again, the pound sterling and the euro will gain ground.
Recommendations:
The GBP/USD pair may resume an upward movement at any time. So, I recommend opening long deals on the GBP/USD pair if it breaks above the 127.2% Fibonacci level with targets located near the 40 pattern within the framework of the expected 5 in 5 in 5 wave of the upward movement. If it fails to break above this level, it will rebound from its highs.
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