British Pound Technical Outlook

Cable’s consolidation since the beginning of June is not as clear as the EURUSD triangle. In fact, the pattern could have been an irregular flat in which wave b exceeds the origin of wave a and wave c fails to extend beyond the origin of wave b. In any case, the GBPUSD should make its way higher as the EURUSD extends above 1.4720. The next measured objective is 1.7250. 1.6680-1.6780 is support.