1.9461 was taken out this morning on the retail-sales spike so we are flat for now.
However, we still maintain that either a flat or triangle is unfolding. “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.” In the case of a flat, Cable could drop below 1.9337 before rallying in wave C. If a triangle is unfolding, then 1.9364 will hold. Keep these levels in mind if you are trading the GBPUSD.