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The wave counting for the Pound/Dollar instrument looks quite clear at this time. The supposed wave e has completed its construction. Consequently, the entire upward part of the a - b - c - d - e trend has ended. If this is true, then the construction of a new downward segment has begun, which may turn out to be three-wave, that is, also corrective. At the moment, the construction of its first wave a is presumably completed. If this assumption is correct, then the instrument is now within the framework of the upward wave b, which can complete its construction around the 40th or 41st figures. The whole wave picture looks like an alternation of not only corrective waves (impulse waves are absent now), but also an alternation of corrective trend sections. Supposed wave b could have already completed its construction, as today's results of the meeting of the Bank of England caused a decrease in the instrument quotes by 55 basis points. Thus, a departure of quotes from the reached highs may be the beginning of wave c.
The Pound/Dollar instrument lost about 55 basis points after the meeting of the Bank of England on Thursday. By and large, there were no results, since monetary policy remained the same as it was after the May meeting. The Monetary Committee voted 9 to 0 to keep the key rate at the current level and 8 to 1 to maintain the current volume of the asset purchase program. And these results are also no different from the results of the vote in May. The only member of the monetary committee who voted to cut the purchase program to £825 billion is Andrew Haldane. The Bank of England noted in its monetary policy summary that global GDP grew stronger than expected, especially in advanced economies. The GDP forecast for the second quarter was raised to 1.5%. The Bank of England believes that the current inflation rate is not an indicator and the dynamics of changes should be considered over a longer period of time. Thus, the markets most likely reacted to these "zero" changes simply because there was a need to react in some way. There were simply no changes. Nevertheless, according to the current wave counting, this decline in quotes may mean the completion of wave b. At the same time, it can still take on a more complex form. American statistics did not affect the dynamics of trading. Tomorrow, in general, it will be difficult to expect any strong movements of the instrument, since there will be very few economic events on Friday. Most likely, we will have a very boring end of the week.
At this time, the wave pattern has become a little clearer. The supposed wave a is completed. If this is the case, then at this time the construction of the assumed wave b continues, the targets of which can be located 100-150 points above the current levels. However, after today's meeting of the Bank of England, we can assume that this wave has already ended. Thus, now I recommend not to risk guessing at what stage of construction wave b is, and to wait a bit for the situation to be clarified.
The upward part of the trend, which began its construction a couple of months ago, has taken on a rather ambiguous form and has already been completed. However, the wave counting still looks rather confusing, as there is no impulse movement now. Presumably, the construction of a new low of the three-wave downward trend has begun. Thus, we can expect a decline in quotes in the future to the lows of waves c and b.
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