British Pound Technical Outlook
Over the last 2 months, the pair has gone sideways and it is more likely that this serves to build a bullish base that will lead to a rally through 2.04 in wave Y of a large W-X-Y complex correction.
The decline could still be an X wave but price remaining below the trendline keeps the trend bearish. That and the bearish count for the EURUSD favor the downside for the GBPUSD. Potential resistance is at 1.9620 and the trend is considered bearish as long as price is below 1.9909. In summary, it is best to stand aside right now until a clear opportunity emerges.
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