Commentary: We could not have been more wrong yesterday to advocate a bullish stance against 2.0522. Cable has plummeted, and held just above 2.0400. The evidence at this point favors additional losses. The decline from 2.1160-2.0522 is either wave 1 in a 5 wave bearish cycle or wave A in an A-B-C correction.
The rally to 2.0844 is wave 2 or B and the decline from 2.0844 is wave 3 or C. The decline from 2.0844 would equal the 2.1160-2.0522 decline at 2.0209, which is the intial bearish objective.
Strategy: Stopped out of Bull position…taking a break from GBPUSD but a bearish position is warranted against 2.0617, target 1 is at 2.0209