On Thursday`s session the pound unfolded towards the upside as expected and Cable reached second target to the pip.
We are updating the main count according to the latest price action and it expects that upwards movement should prove limited as we are approaching the final stages of a third wave. We should keep in mind that the first target is the highly probable target even though it does not provide us with a practical trading oppertunity.
It should be noted that the waves degrees within wave iii pink will be revised at the “End of Week” analysis to better reflect Cable`s price action.
As always we will wait for main count`s confirmation point to be reached to gain further confidence in the main count.