Commentary: Might the drop to 1.9337 have formed a tradeable bottom? One count in the GBPUSD suggests that a multi-week low is in place as there are 5 waves down from 2.1160. Under this count, the decline from 2.1160 is either wave A or 1 in a 3 or 5 wave bear cycle. Under this count, the pair is expected to rally in either wave B or 2. The stron rally in the last few hours may be the beginning of the corrective advance.
Strategy: Flat
Al Bawaba
