“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.”
Cable has rallied from a support line this morning. COT positioning indicates a bearish extreme, which suggests that a GBPUSD rally is in its early stages. Also, very short term charts show that the rally from 1.9441 is impulsive.
STRATEGY: Bullish, against 1.9441, target above 2.04