British Pound Bullish Against 2.0245

Commentary: The corrective nature of the decline from 2.0494-2.0245 strongly suggests that the GBPUSD will exceed 2.0494 near term. The same can be said for 2.0654 since the decline from 2.0654-1.9651 is also corrective. The count is not as clear as the EURUSD due to the overlapping waves within the rally from 1.9651.

It is possible that the overlapping waves are a series of 1st and 2nd waves. In this instance, Cable should accelerate higher with 2.0245 remaining intact. The other possibility is that the pair is stuck in a larger correction from 2.0654. With the count in the EURUSD very bullish, we will favor the more bullish interpretation in Cable as well.
Strategy: Flat