The GBPUSD bearish pattern has remained intact. “Bigger picture, we view the decline from 2.1160 as wave (A) in a larger A-B-C correction. Wave (B) was a clear 3 wave countertrend rally that ended just shy of the 61.8% level of A. Wave (C) is underway now and specifically, wave 1 of (C) is underway now.
The longer term (8 to 12 weeks) target is near 1.8500.” As long as price is below 2.0191, we maintain that large wave C is underway from 2.0396. Near term, potential resistance is at 1.9965 but given the wave structure, the decline could accelerate.
