As expected the pound moved towards the downside reaching and exceeding the specified target by 8 pips before reversing directions and moving towards the upside.

Today`s main and alternative counts expect the pound to unfold towards the upside, however one count expects it to be in a corrective manner and the other count expects the pound to unfold toward the upside in a motive manner -either as an impulse or a diagonal-.

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Today the pound moved towards the downside as expected, however the downwards movement so far unfolded is in three waves, therefore today`s first alternative count keeps in mind the probabilities of an unfinished corrective structure.

We mentioned in yesterday`s analysis that we will provide a count that sees wave 4 blue as incomplete and it should be noted that this count has lower probabilities than both main and first alternative count.

We added tight invalidation points for both counts and as always we will use each count`s invalidation point to confirm the other count.

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From end of April the price action has been corrective in nature with overlapping wave patterns, which leaves us with two possibilities, either the first wave within wave 5 blue has unfolded as a leading diagonal or that wave 4 blue is still incomplete, however the later count has lower probabilities than today`s alternative count. This is why we will be discussing that count in tomorrow`s analysis if it remained valid.

We will use each count`s invalidation point to confirm the other count.

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Apologies about not being available for the end of week analysis as I am going through a family emergency.

The recent downwards movement invalidates the main hourly count because wave v orange has to be shorter than wave iii orange.

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The alternate hourly wave count from the previous analysis was invalidated as the pair slowly continued lower further increasing the likelihood of the main hourly wave count.

We continue with the main hourly wave count for the end of week analysis.

Please note: Nady is unable to attend to the end of week analysis due to personal reasons and has asked me to publish the updated charts which he prepared.

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The pound traded today in a tight range as it kept moving within a 55 pips range, we are continuing with both counts from yesterday`s analysis and it should be mentioned that the main count`s probabilities are increasing as the pound dipped below yesterday`s lows by a fraction of a pip highly suggesting that a leading diagonal was in action.

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