The two strong 5 wave trend sequences moves from the 1.5345 base may well end a corrective rally. As Sterling is prone to consolidation tops while short term 1.6275 support holds there is scope for a reaction back to the 1.6600-50 range. An erratic rally to fail there or a direct loss of 1.6270 should see a quick return to 1.5935. Only over 1.6745 injects momentum in a wedge with the potential to challenge 1.7040. (Ref: 5703)
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