It is not improbable that the triangular within the wave (В) has been completed. Apparently, the wave E has become a double zigzag with a triangular in the wave [x]. Correspondingly, it is possible that a descending impulse forms within the wave [i] afterwards, and this will confirm further declining of the market.
Admittedly, the day before a wave (i) was formed which was later corrected by the second wave. Correspondingly, in the near-term the market can decline within the wave (iii).
It seems that the pound has formed a zigzag within the wave (y). If a bearish impulse is formed in the future within the wave (i), a new round of falling towards this month’s lows will be possible.
Admittedly, on 1-H chart a descending wedge is forming within the wave i. If we see a rebound from the lower range limit afterwards, a local correction will be possible. In the future, when the wave ii is completed, we might see the pair falling further within the wave iii.
Despite the current rise, a scenario with a diagonal triangular forming within the wave [v] of C is still in force. There is a strong probability that soon we will see how the wave (ii) has been completed. And this might afterwards turn out as a continuation of declining of the pair within the wave (iii).
A more detailed analysis can be found on the 1-H chart. Admittedly, a zigzag was formed within the wave x, which lead to the current price rise. In the near-term we might see a bullish zigzag within the wave y of (ii).
The bearish marking is still in force. Appearingly, the wave (ii) has been completed, and it has corrected a wedge within the wave (i). Thus, it is possible that afterwards the price will decline within the wave (iii).
As we can see on 1-H chart, a plane was formed within the wave (ii). Most probably, we are at the beginning of a bearish impulse in the wave i. If this impulse is completed successfully, this might be deemed as confirmation of declining within the wave (iii).
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