For the pound/dollar instrument, the wave markup continues to look very convincing and does not require any additions. The expected wave d in E is completed, and there should be five waves in total inside wave E, respectively, as in the case of the euro/dollar instrument, the downward trend section can continue its construction for some time. The decline in quotes may continue with targets located around the 27th figure within the wave e in E. However, today, there was an unsuccessful attempt to break through the 76.4% Fibonacci level, which led to the departure of quotes from the reached lows. However, this departure does not have the same consequences for the wave markup as in the case of the euro/dollar instrument. This departure to the top may be just an internal wave in the composition of e in E. And at the moment, it doesn't even look like a full-fledged wave, it's so weak. Thus, in the case of the wave marking of the Briton, no changes can be made at all now and there is no point in this. We need to wait for the resumption of the decline in quotes and a successful attempt to break through the 1.3042 mark.
The pound also grew up a little on the news from Turkey.
The exchange rate of the pound/dollar instrument increased by 50 basis points on March 29. As you can see, the increase in demand for the pound was much weaker than for the euro currency. From my point of view, this suggests that neither the euro nor the pound is now ready for a stronger increase in value. By and large, nothing has happened yet to expect the strong growth of a European or a Briton. The next stage of negotiations between Ukraine and Russia, which ended today in Turkey, was successful. The sides got closer on many issues, but they gave very few comments. Therefore, it is impossible to draw unambiguous conclusions now. The negotiations will continue tomorrow and whatever their results, it should be remembered that behind both negotiating groups are not just the authorities or the presidents, there are whole nations.
The losses suffered by Russia in this "special operation" are enormous. If during the negotiations it turns out that the goals of the "special operation" have not been achieved, and Crimea is returning to Ukraine, then how will the Russian people react to this, who have already begun to feel the effect of Western sanctions on their wallet? Kyiv is not going to give up Crimea or Donbas, so it is not yet clear how these issues will be resolved. Consequently, the euro or the pound will not be able to grow for a long time. In any case, we need to wait for the results of tomorrow's stage of negotiations. Perhaps new data will appear tomorrow. There are no economic events right now anyway, so you can focus exclusively on geopolitics. Today, literally now, an indicator of consumer confidence in the United States will be released, which is unlikely to cause a market reaction. The wave marking still indicates a decrease in the instrument, and for this, there should be less positive news about the conflict between Ukraine and Russia. Although I am ready to change the wave markup, as long as the conflict is completed as quickly as possible.
General conclusions.
The wave pattern of the pound/dollar instrument assumes the construction of wave E. I continue to advise selling the instrument with targets located near the 1.2676 mark, which corresponds to 100.0% Fibonacci, according to the MACD signals "down", since the wave E does not look completed yet. I propose to consider Wave d in E completed, and I do not wait for the wave marking to become more complicated until the instrument makes a successful attempt to break through the 1.3273 mark, which equates to 61.8% Fibonacci.
At the higher scale, wave D looks complete, but the entire downward section of the trend does not. Therefore, in the coming weeks, I expect the decline of the instrument to continue with targets well below the low of wave C. Wave E should take a five-wave form, so I expect to see the quotes of the British near the 27th figure.