British Pound Still Looking for a Test of 1.9961

Commentary: The structure of Cable is similar to the EURUSD. 5 waves higher may have ended at 2.0233, so we are looking for a decline to at least the prior 4th wave at 1.9961.

The 61.8% of 1.9651-2.0233 at 1.9874 is also a potential bottoming point. An alternate count is much more bearish and places Cable in a large wave C decline from 2.0233 within a larger complex correction from 2.0632. As is the case with the EURUSD, the structure of the decline will alert us to the proper count (if in 5 waves, then favor the more bearish count).
Strategy: Flat