British Pound Bullish Bias Warranted Against 1.9879

Commentary: The inability of Cable to drop below 1.9879 in a 5th wave forces us to favor the bullish count, which is fairly bullish. The decline from 2.0366 is a 3 wave decline and the rally from 1.9879 can be labeled an impulse so that places Cable in a 3rd wave rally now.

A push through 2.0172 strengthens the bullish bias and would likely lead to a push through 2.0366. 1.9879 is critical to the bullish case. Strategy: Bullish now, against 1.9879, target above 2.0366 (add to position on a rally through 2.0172)