British Pound Technical Outlook

Price action since 1.35 is a 4th wave that will end as either a triangle or flat. IF a triangle is underway, then wave D is working lower towards 1.40 now. I wrote yesterday that “there is resistance above 1.4775. A rally above that level could complete a small expanded flat.” That pattern appears to have played out so price ideally remains below 1.4775 although risk should be kept above 1.4962 in order to avoid stops getting hit on spikes that could result from tomorrow’s BoE announcement.