The ideal correction for Sterling is unfolding accordingly. The 3-wave rally to 1.6500 is considered wave-(a) in an (a)-(b)-(c) correction that will retrace a portion of the strong 1.72 to 1.60 decline. In terms of price, the reaction satisfies a 38.2% retracement but a more time consuming range would be ideal. S/t, now that wave-(a) is complete, a wave-(b) decline to just above 1.60 is expected; that would form the second leg of a 3-wave corrective range. A break of channel support at 1.6345 implies that wave-c of (b) down is unfolding. Conviction: Med/High Levels: Support – 1.6345, 1.6300, 1.6050 Resistance – 1.6405, 1.6500, 1.6525
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