British Pound 5 Waves Down From 2.0316

Commentary: The decline from 2.0317 appears impulsive (5 waves), therefore any bounce offers a chance to get bearish against 2.0317. Bigger picture, there are a few patterns that may be unfolding from 2.0366. A triangle may be underway or a large flat. In the latter scenario, price should come under 1.9879 before the decline is complete.

The most bearish count has the decline from 2.0366 to 1.9879 as a 5 wave impulse followed by a 3 wave countertrend advance that ended at 2.0317. In this instance, the decline underway now is wave 3. In any case, allow for a bounce before getting bearish as all three of the mentioned patterns are at least near term bearish. Strategy: Exit longs (small profit), bearish on a bounce to 2.0170, against 2.0317, target TBD