British Pound Technical Outlook

As expected, Cable has soared this week in what is probably the final leg of a corrective advance from 1.9337.

Expectations are for the pair to eventually exceed 2.04. Near term, the break through a short term resistance line sets sights on a longer term trendline near 1.9975. Also, expect resistance from former highs in the 1.99-2.0025 range. Risk on longs can be moved to 1.9683.