In the most global terms, the construction of the upward trend section continues, however, the entire wave marking takes a complex form. The section of the trend that started on September 23 took a five-wave form, but not an impulse one. Thus, after the end of the next rising wave, the construction of a new three-wave section of the trend can begin. So far, it looks as if this section of the trend has already been completed and the construction of a new descending set of waves is beginning.
The lower chart clearly shows the a-b-c-d-e waves of the upward trend section. Thus, this section may already be completed. If this is true, then the decline in quotes will continue from the current levels with targets located near the 29th figure and below. At the same time, the section that begins on September 23 may take on an even longer form. But for now, I'm leaning towards the option of building a new descending set of waves.
Markets continue to closely monitor the progress of negotiations between the UK and the European Union. However, there is almost no specific information. And it's not just frustrating. The British pound has been rising recently, but could not get the support of the news background. There is still no information that the parties are approaching an agreement. This means that at any moment there may be information that the negotiations have reached an impasse again and this will be exactly all. The talks of recent weeks should end on November 15, but European officials say that the talks will continue after this date, and Boris Johnson generally remains silent, although the words about the end of the negotiations on November 15 were his words. And, of course, both sides continue to urge each other to concede as much as possible in the negotiations, calling it different more noble words. British Minister Michael Gove, for example, said that the UK has already shown a fairly high degree of flexibility in negotiations and now expects the same from Brussels. Gove also touched on the Protocol on the Northern Ireland border, saying that London should be confident that this region will have unhindered access to the rest of the UK. Let me remind you that this regime defines the bill "on the internal market of the UK", which violates the agreement with the EU. This is the bill that has not yet been passed by the House of Lords, but everything is going to be passed in the end. However, Boris Johnson said that this bill would only come into force if London and Brussels could not agree on a trade agreement. Thus, it remains completely unclear what will happen in the end and whether the parties will have time to agree on at least some agreement.
General conclusions and recommendations:
The pound/dollar instrument resumed building an upward trend, but its last wave could have already ended. Thus, now I recommend that you look closely at the sales of the tool. A successful attempt to break through the 23.6% Fibonacci level indirectly warns that the instrument is ready to go down with targets located near the calculated levels of 1.3010 and 1.2864, which corresponds to 38.2% and 50.0% for Fibonacci.