Cable Contracts Into Triangle

[I][U]Technical:[/U][/I] [B]GBP/USD[/B]
[B]Resistance: 2.0450
Support: 2.0200[/B]
Penetrating the 20-MA earlier this week cable price action is seen retracing back into congestion, employing the 38.2% Fib at 2.027 as support. The recent rally in sterling comes after a large correction from its 26-year high of 2.0654.

Technical analysts? who employ Elliot Wave analytics contend that this week?s price clusters represent a triangle formation. Furthermore, we should expect a move higher followed by a hard correction to test the 50.0% Fib to complete the A-B-C wave pattern.