British Pound Technical Outlook
In Elliott, there is something to be said for the ‘right look’.
Does the circled area look like a C (or 3rd) wave decline? We don’t think so either. It seems more likely then that a complex correction (W-X-Y) is unfolding since the 1/22 low at 1.9337. Within wave X, the two legs of the decline would be equal at 1.9228. This does not mean that Cable will reach that level but it is an area to expect support. In summary, we expect a larger rally to begin in the next few days (there is the possibility that a low is in place at 1.9364).
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