British Pound Technical Outlook

Various sentiment measures are extreme and suggest that a turn is imminent. “COT positioning is the most extreme in its history by some measures (net speculative shorts and net commercial longs).” 13 day RSI is at its lowest level since the 1970s and FXCM SSI flipped to short today (a bullish signal).

Also, the decline from 2.1160 is in 3 waves, with the 2 down legs separated by a triangle. This could be the first leg of a large multi-year triangle or flat.