Near term, the rally from 1.9386 is in 9 waves, which is an impulse and indicates that the trend is up. The quick drop to 1.9453 can be counted as a zigzag, which is a correction. Wave c of the zigzag equals wave a (at 1.9465); a common relationship. Expectations are for price to exceed 1.9957 in the coming weeks in wave C within the A-B-C rally from 1.9337. This is a good opportunity to add to or initiate GBP longs.
STRATEGY: Bullish, against 1.9386, target above 1.9957
