British Pound Breaks Through 2.0300
Commentary: There is no change to our outlook for Cable as things are playing out as expected so far. "The decline from 2.0561 has reached the 161.8% extension of 2.0654-2.0424/2.0561 at 2.0181, which makes it likely that the decline from 2.0654 will prove to be impulsive (5 waves) rather than a corrective 3 waves.
The rally from the low is most likely a 4th wave correction. We are looking for this rally to end near the 38.2% of 2.0561-2.0181 at 2.0327." The high on the day so far is 2.0335 so we are looking for the pair to roll over now and head below 2.0181. Price needs to remain below 2.0423 in order for us to remain near term bears. Strategy: Move to flat, get bearish near 2.0327, against 2.0423, target 1 at 2.0181
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