British Pound Wave 3 Down To Begin?

Commentary: We are sticking with the bearish count. Under the bearish count, the decline from 2.1160-2.0522 is wave 1 in a 5 wave bear cycle. The rally from 2.0522-2.0844 is wave 2. The decline from 2.0844-2.0504 is wave 1 of larger 3. The choppy rally from 2.0353 to 2.0762 can be counted as a double zigzag, which fits as wave 2 of larger 3.

As such, wave 3 of larger 3 may be about to begin now. If so, then price must remain below 2.0762 and the downside is much greater. Reward/risk favors bears.

Strategy: Bearish, move risk to 2.0762 (from 2.0844), target TBD (much lower)