Commentary: Similar to the EURUSD, Cable continues to exhibit impulsive characteristics to the upside. A 3 wave correction appears to be nearing an end. Support should be strong at 1.9821, which is the 61.8% of 1.9732-1.9964.
Rallying through 1.9905 would confirm the bullish bias. We are confident in the bullish case above 1.9732 due to the 3 wave correction that took place from 2.0131-1.9676. Price must remain above 1.9732 for the bullish structure to remain intact. If 1.9732 is broken, then the alternate count would be favored, which has an a-b-c correction ending at 1.9964. Strategy: Bullish now, against 1.9732, targeting 2.0131