It is unlikely that the British pound will be able to continue its strengthening. The decline during yesterday’s trading day indicates a possible reversal. The wave structure can be presented in an alternative form in this regard.

It is possible that the upward impulse movement is completed. The first wave was extended, while the fifth wave was the shortest, which is clearly visible on the chart. The current decline is a reversal and may be the first wave in a developing downward impulse.

It is necessary to wait for a corrective pullback and then look for entry points for selling positions.

Recommendations: Flat.