The pound made an attempt to fight back. The element of surprise played a role, as after a relatively strong rise, the price quickly began to slip downward. However, this decline is likely corrective in nature. Market sentiment seems to be shifting, as indicated by the wave pattern.

It appears that the prolonged downward impulse has fully completed. The attempt to rise may represent the first wave of an emerging bullish phase, while the decline is taking on a corrective role, acting as the second wave. If this is the case, the pound is likely to resume its attack soon, with a strong chance of further growth.

For this reason, it is recommended to consider entering buy trades at the current market levels.

Recommendations: Buy 1.2200, SL 1.2175, TP 1.2450.