We still remain bullish against 1.9461 due to both longer term and shorter term patterns. Since 1.9337 (the 1/22 low), the GBPUSD is tracing out either a flat or a triangle as large wave B within an A-B-C correction from 2.1160. We feel that 1.9461 will hold because the short term pattern (since the 5/14 low at 1.9364) counts well as a series of 1st and 2nd waves. Thus, the strongest part of the rally (wave 3 of 3) should be underway now. The strong demand this morning ahead of 1.9461 bolsters this view.
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STRATEGY: Bullish, against 1.9461, target above 1.9850 (likely near 2.02)