British Pound Technical Outlook

Price action since 1.35 is a 4th wave that will end as either a triangle or flat. I wrote last week that “since it looks as though the EURUSD long term decline has resumed, a triangle (see arrows) is more likely. IF a triangle is underway, then wave D is working lower towards 1.40 now.” Cable is following the triangle path…we’ll look for it to play out. It is unlikely that I’ll advocate trades in the GBPUSD for a number of weeks since the pair is in a large degree correction.