GBPUSD: Pair Looking Towards 1.5800-1.5870

We are tracking bearish price action on Cable after sharp fall last week through the channel support line, which means that recovery from 1.5913 was a three wave movement, now labeled as wave X). As such, we are tracking another three wave decline from recent 1.6176 swing high headed towards 1.5800-1.5870 projected region. Minor wave B is already showing signs of a top at 1.6043 which means that new low could be seen very soon. Keep in mind BoE rate decision is today at 12:00GMT.