In last night’s technicals, we wrote that “there is a bearish count left that is valid. That count treats the rally from the low as a complex correction (W-X-Y) but wave 4 would be awfully large in relation to wave 2. Look for support in the 1.87/25 zone.”
Clearly, we should have paid more attention to this count as it proved correct. Hindsight is 20/20 though. What is the probable path for sterling from here? A drop below 1.8212 would complete a 5th wave - we would then look for a bottom. Wave iv would equal wave i at 1.8332.