I prefer trending markets and will look to pick up the pound around the 1.45/46 area as it approaches major support. The charts suggest a 30% move.
This enormous formation on the monthly should provide an explosive move with a proper break but I don't think we are there yet.
It is an interesting observation about the possible consolidation and likely future move. I have noted that 91 months for or 182 months measured from low to low, high to low or high to high appear to mark many significant pivots on monthly charts. If correct then we might have low in place already and recent decline is possibly a retracement on now early stage of new bullish cycle. Here is what I mean