British Pound Technical Outlook

The GBPUSD is putting 1.41 to the test. The count on the daily, which shows 5 waves down from the 2007 high, indicates that risk of a sharp advance is high. Coming under 1.41 exposes measured support at 1.38. The trend is down as long as price is below 1.4389. There is short term resistance at 1.4223.