The past trading day was very favorable for the British currency, with the pound surging enough to set a new local maximum. This has led to minor adjustments in the wave count, but it does not affect the expectations for the future development of events.
Yesterday's price surge is likely wave 5 in the ascending impulse. Consequently, a corrective decline is expected to develop soon.
This presents a good opportunity to enter sell positions with the anticipation of profiting from the emerging corrective decline. The expected price movement trajectory is schematically outlined in the above chart.
Investment Idea:
Sell: 1.2775 Stop Loss: 1.2800 Take Profit: 1.2660
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