The wave pattern of the GBP/USD pair has not changed in recent days, as the quotes are almost in one place. The expected wave e and its internal wave structure raise serious questions. Its length relative to other waves suggests that it has already completed its formation. However, the pound's high demand does not allow the instrument to start building a new downward set of waves right now. At the same time, the very weak news background does not allow its quotes to move at least in one direction. Thus, the wave e cannot yet be considered complete, and the fact that the last wave is exactly e, cannot be entirely considered either. It was previously mentioned that all the current wave patterns starting from February 2021 raise too many questions. In particular, it is absolutely unclear where the formation of the last upward section of the trend began: the low waves of c and b almost coincide. Thus, the current upward section of the trend may take a more extended form if its construction began on April 9, rather than on March 25. A successful attempt to break through the 0.0% Fibonacci level, which corresponds to 1.4243, can indirectly indicate the readiness to further increase.
This instrument moved inactively and in different directions in the morning. If the first two days of the week passed in relatively high activity, then on Wednesday, the markets clearly showed that new important information is necessary to decide what to do next with the pound. However, there is no support coming from the UK. There are no major events scheduled for the current week. Therefore, one can only hope for US reports, which will be released on Thursday and Friday. At the end of the week, the reports will be even less significant. This whole week is extremely boring in terms of news, so it is not surprising that the quotes of the instrument are in one place. How can they move? The instrument will not move until the markets receive important information However, it is very likely that the horizontal movement will persist until the end of the week. Moreover, the quotes approach the high of the wave 5 in 5 in 5 of the previous upward trend section. It is necessary to have good reasons to break through this high.
At this time, the wave pattern continues to be twofold, so it is suggested to wait for its clarification. There are at least several options of wave pattern, each of which may be implemented soon. At the same time, it is not even clear whether the proposed wave e has completed its construction. Its internal wave structure looks ambiguous. It is possible to sell the instrument with a protective order above the level of 1.4240, which corresponds to 0.0% of the Fibonacci. But once the level of 1.4240 is broken, buying will be considered.
The upward part of the trend, which started to form a few months ago, is taking on a quite vague form. It was mentioned above that several wave pattern options are possible at once. Unfortunately, different options offer different further developments. Therefore, it may be necessary to wait for some time for the current wave pattern to slightly clear up.