British Pound Technical Outlook

It is possible that there 5 waves up from 1.9536 are close to complete.

However, experience tells us to also respect the possibility that the advance will extend without a meaningful correction. As mentioned in the daily chart analysis (above), the final legs of corrections are often very strong, nearly vertical moves. Since the final target is not until above 2.04, we are remaining bullish although it is a good idea to lighten up on longs.

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STRATEGY: Bullish, against 1.9461, target 1 is now and target 2 is above 2.04