British Pound Flat Correction Underway

Commentary: Cable is tracking our count. 5 waves ended at 2.0233, so we are looking for a decline to at least the prior 4th wave at 1.9961. The 61.8% of 1.9651-2.0233 at 1.9874 is also a potential bottoming point.

The rally this morning to 2.0262 is most likely wave b within a flat correction. Look for wave c of the correction to bring price just below 2.0043 before the larger rally resumes. Strategy: Flat