Our alternate count is beginning to look better than the favored. We had favored the idea that the GBPUSD was entering a 3rd wave decline (of C).
However, if this count were correct, then the GBPUSD should have accelerated lower by now. Over the last 2 months, the pair has gone sideways and it is more likely that this serves to build a bullish base that will lead to a rally through 2.04. The decline to 1.9599 was likely an X wave.
STRATEGY: Exit Shorts
