Sterling has nearly reached our wave-1 target level at 1.7050, this is after breaking a recent pivot high at 1.6996. Of note, 1.7043 was a major/final high that marked the end of the 2009 rally so this level will remain a key pivot for now. A meaningful break of 1.7050 does shift focus to channel & symmetry targets between 1.7150/7230. S/t, the rally from 1.67 appears to be completing a sharp wave-3 rally; a sideways correction could consolidate gains ahead of another push higher. Near-term supports are 1.7011/6921. As noted above, resistance is the long-term pivot at 1.7043 (there is a vacuum of resistance above there). Levels: Support – 1.7011, 1.6921, 1.6872 Resistance – 1.7043, 1.7150, 1.7230
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