British Pound Technical Outlook

The only statement that I can make with a high degree of certainty is that the rally from 1.35 is a larger 4th wave (corrective) and that it is highly probable that 1.3500 will be broken later this year. BUT, as is the case with the EURUSD, a larger advance seems likely prior to the next leg lower. Staying above 1.4396 keeps bulls in control and Cable on a path towards 1.5728 (200 day SMA near there as well).