British Pound Technical Outlook

The decline from the top is most likely a first wave. I wrote yesterday that “a second wave correction is underway now and could reach as high 1.6700/1.6800 (Fibonacci resistance).” The decline could still extend upwards of 1.6795/1.6837 (see explanation for topping zone under EURUSD), but the rally from 1.6388 is in 3 waves to this point (corrective). Reward/risk is not as high here as for the EURUSD.