British Pound Technical Outlook

Minimum expectations are for the advance from 1.9409 to continue until at least 1.9850.

The rally from 1.9409 unfolded as an impulse, which inspires confidence in our bullish count. We wrote yesterday that “price ideally remains above 1.9469 but the bias is bullish as long as the GBPUSD is above 1.9409.” Risk can be moved to 1.9469 although Cable shouldn’t come near this level. Look for short term support near 1.9660.
STRATEGY: Bullish, against 1.9469, target above 1.9850