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The wave counting for the GBP/USD currency pair still looks quite convincing and does not require any additions and adjustments at the moment. The assumed waves a, b, and c of the assumed upward trend segment are quite long, but the wave counting itself does not raise any questions. An unsuccessful attempt to break through the 1.3873 mark, which is equal to 23.6% Fibonacci level, led to the exit of quotes from the reached highs, but wave c does not look fully completed yet. The exit of quotes from the reached highs turned out to be weak and did not affect the current wave counting. Thus, I expect the resumption of the construction of this wave and the increase in the quotes of the pair. A successful attempt to break through the 23.6% Fibonacci level will indicate the readiness of the markets for new purchases, which is required for the pair at this time. The targets of wave c can be located between the peak of wave a and the level of 1.4239. But whatever it was, it still implies the continued growth of the pound. I don't see any reasons to make any changes to the current wave pattern yet.
The exchange rate of the GBP/USD pair changed by 75 basis points upward on Tuesday. However, immediately after passing through 75 points up, a decline began, during which most of the previously gained was lost. Thus, the pair continues to move very sluggishly in general, as does the EUR/USD pair. "Sluggishness" is expressed in low market activity, or constant frequent pullbacks after any increase in quotes. The proposed wave c has been under construction for three weeks, and during this time the British pound has grown by 320 basis points. Today, the markets were pleased with reports from the UK - the unemployment rate fell by 0.1%, and average earnings increased by 8.3%, although the markets expected to see lower values. Therefore, the purchases of the British pound were justified.
The sales of the US dollar were also justified amid a weak US inflation report at 5.3%. However, even such important data did not cause a noticeable increase in the GBP/USD pair. The quotes attempted to break through the 23.6% Fibonacci level several times, which indirectly indicates the readiness of the markets for further purchases of the pound. Thus, the wave pattern remains unchanged, the nature of the movements remains the same.
The wave pattern is now more or less clear. I still expect the construction of an upward wave, so at this time, I suggest considering buying the pair for each MACD signal "up" with targets located near the 1.4000 mark (the first target). The GBP/USD pair has presumably completed the construction of an internal corrective wave c.
The upward section of the trend, which began its construction a couple of months ago, has taken a rather ambiguous form and has already been completed. A new section of the trend can get an impulse form, its first wave has acquired a sufficiently extended form and exceeded the peaks of waves b and d. The chances of a new strong increase in quotes are growing. If the news background does not interfere, then the increase in quotes should continue in the near future.
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