British Pound Needs to Correct Lower

Commentary: Cable has traded in a choppy manner but continues to trade with a bullish bias. It is possible that the GBPUSD is in a third wave now and that a very strong rally will begin in the next few hours.

However, we favor a drop below 2.0243 to complete a flat correction and then the strong rally. The bullish scenario is best served by this since the rally from 2.0243 takes on a 3 wave corrective form and is most likely a small wave b.
Strategy: Look to get bullish after a drop below 2.0243, against 2.0159, target above 2.0654