British Pound Remains In Range

Commentary: Cable has been treacherous lately. The pattern from an EW perspective is not clear in our mind, but the series of lower highs from 1.9651 indicates that the trend remains up.

Still, the overlapping nature of the rally from that point (unless these rallies are a series of 1st and 2nd waves) does not inspire confidence in the bull trend. Be careful is short against the range high (2.0547) since consolidation can give way to a brutal move.
Strategy: Remain Bearish, against 2.0547, target TBD (below 2.0258) (LOW CONFIDENCE)