British Pound Soaring Towards 2.1200

Commentary: A resistance line from the longer term bull channel is just above 2.1100. If the bullish count that treats the entire rally from 2.0245 as wave iii of 3 is correct, then price could test the 161.8% extension of 1.9879-2.0494/2.0245 at 2.1240 fairly soon.

Similar to the EURUSD in form, we would then expect a correction in wave 4, followed by a new high in wave 5 (2.1500??).

Strategy: Flat