This week the pound unfolded as expected under the alternate count reaching and exceeding the first target and failing short of the second target by 2 pips before reversing directions and moving towards the upside.
As we discussed in the latest analysis, the pound made new highs for the year and this week`s analysis expect the pound to continue -eventually- to register new highs.
We are modifying the main count according to the latest price action and the main count expects downwards corrective movement before continuing moving towards the upside while the alternate count expects that corrective movement to be complete and that wave c orange is underway.
It should be noted that MACD readings on the 6-hours chart does not provide enough data to confirm or refute the main count`s view.
As always we will let price action decide for us which count is the highly probable count by waiting for either count`s confirmation point to be reached.