I was a bit confused about the faliure to reach strong support at 157.05 and the rise back to the Shoulder-Head-Shoulder neckline, but if wave 1 was a Leading Diagonal, things begins to make sense again.
Wave 2 then corrected 50% of wave 1, making a nice back-test to the S/H/S neckline and wave 3 down to at least 157.05 should be ready to begin. A break below minor support at 162.45 would be first signal, that the decline is underway, while a break below 160.60 will confirm the decline.
A break below 157.05 will have long term complications for the GBP as it would call for a decline to the 135 area. I do expect support at 157.05 to be broken soon or later.
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