British Pound Reversess...Again

[B]Commentary:[/B] We wrote yesterday that “the decline from 2.0461 is either wave b of a flat correction or wave C of a correction from 2.0651. Both cases are bullish near term and favor a rally through 2.0461.”

We were clearly wrong here as price reversed prior to 2.0461 (high made at 2.0397). The best count has the decline from 2.0461 as large wave C in an A-B-C from 2.0654 (same as EURUSD). The rally to 2.0397 was likely small wave ii of larger wave C. The bearish targets that we focused on a few days ago are back in focus now (1.9989 and 1.9697). [B]Strategy:[/B] Flip back to bearish, against 2.0397, targets 2.0000 and 1.9700