It is very likely that the development of a new ascending corrective wave of the ligament [X] (marked on the graph in green), which may take the form of a zigzag, or a more complex correctional wave, has begun. Most likely, after a slight rise, the entire impulse (A) will be completed, and after that we will see a downward movement within the bearish correction (B). The main event of the day today will be the publication in the US of the inflation report for January. The probability that we will see positive data is quite high. One factor that points to this is the high level of employment in the United States. Thus, today in the second half of the day may begin a downward movement within the correction (B).
Judging by the structure of the waves in the last section, the development of the descending correction wave 4 can be totally completed. It is possible that now we can see the initial part of a new uptrend. After a slight rise in momentum [i], we will see a downward correction [ii], then, after the full completion of this wave, the market growth can resume. Increases the likelihood of a downward movement in the wave [ii] the fact that today we will see an inflation report in the US that could push the market downward. In addition, early in the morning the oil institute in the United States reported an increase in the volume of black gold reserves, which would exert pressure on oil quotes, and could provoke a decline in GBPUSD due to a strong correlation of this currency pair and Brent.
The market continues to move within the upward correction wave 4, the development of which may very well be completed in the very near future, after which we can see the market decline within bearish momentum 5. Given that this currency pair will also be affected by the publication of the report on inflation in the US in January, the probability of a downward movement increases. Thus, you should consider in your trading the probability of changing the local trend from ascending to descending.