British Pound Decline is Convincing

The 5 wave decline from 1.9997 suggests that the trend has turned down. The rally from 1.9759 has also proved corrective, unfolding in 3 waves. The rally from 1.9759 may only be the first of 3 corrective waves though.

Resistance on a rally through 1.9843 is at the 61.8% of 1.9997-1.9759 at 1.9906. Look to align with the downtrend on a bounce as the next leg down could be a 3rd wave decline. Coming under 1.9759 signals that the next leg lower is underway.