British Pound May Be in Wave 3 Down

Commentary: We wrote yesterday that “given the size of the correction from 1.9621, it is likely that 1.9954-1.9621 was the initial 5 waves down (larger wave 1). This places Cable in wave 2 higher, which should end between 1.9788 and 1.9827. 1.9788 is especially attractive because it is the 50% of 1.9954-1.9621 and the previous 4th wave is at 1.9791.”

Price reversed at 1.9780 but it takes a break below 1.9621 in order to confirm that wave 3 is down is underway. Strategy: Bearish on break of 1.9621