British Pound Technical Outlook
The advance from 1.7443 is in 3 waves but probably only the first leg of a larger correction. I favor this scenario because the breakdown that led to the decline to 1.7443 was from a triangle.
Breaks from triangles often lead to a retracement that brings price back to the center of the triangle (at least). In this case, the center of the triangle is near the 61.8% of the entire decline from 2.1160; at 1.9658. 1.7904 is the 61.8% of the rally from 1.7443 and may provide support that leads to a bottom in wave X. It is possible that bottom is in place at 1.7955.
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