British Pound Technical Outlook

Cable has dropped beneath 1.4579 as well as a support line that had held since early March. The downside is favored and the next potential chart level support is not until 1.4110. At the current juncture, the GBPUSD is at a short term resistance line. A push above there exposes a congestion area that begins at 1.4700. Structurally, a flat could be complete at 1.5072 as a 4th wave (and price is heading lower for a break beneath 1.35).