Commentary: Given the shelf of support just below 1.9500, the rally this morning makes it possible that at least a multi-week bottom is in place at 1.9483. As such, a bullish bias is warranted against 1.9524 for a rally to at least the 2.0100 level (former resistance). We do not know yet of course whether or not the decline from 2.1160 will complete 5 waves -- so far the decline is in just 3 waves. Recent COT data argues for a significant GBP low to form. Strategy: Flip to bullish, against 1.9524, target TBD