British Pound Technical Outlook

Cable continues to consolidate just above the 1.85 figure. Measured support from the 100% extension of 2.1160-1.9337-2.0396 at 1.8573 and the 61.8% of 1.7047-2.1160 at 1.8618 should lead to a bounce from near current price.

Also, extending a line parallel to the line drawn off of the November 2007 and July 2008 highs from the January 2008 low provides potential channel support.