British Pound Stalling

[B]Commentary[/B]: We wrote yesterday that "since the rally unfolding will be a 5th wave rally and the euro is embarking on a 3rd wave rally, there is considerable upside potential for the EURGBP. Be careful about getting bullish here because the high at 2.0040 satisfies minimum upside expectations.

Wave 5 could extend higher but its not a high probability trade." Cable has lagged behind and we will look for a small 5 wave decline in order to get longer term bearish for a return to below 1.9000. Near term, at least a return to the previous 4th wave is expected (1.9927). [B]Strategy[/B]: None