Commentary: On Friday, we wrote that the structure looks bearish as the GBPUSD could be entering a 3rd of a 3rd wave down. If this is the case, then well see much lower levels relatively soon (a break of 2.0043). This very aggressive bearish count is intact as long as price is below 2.0224.
Cable plummeted to 1.9879 last night before finding some support. The count that we favor treats the rally from 1.9879 as wave 4 in a 5 wave bear cycle from 2.0366. Resistance is at 2.0010/27 (38.2% of 2.0025-1.9878 and former 4th wave).