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British Pound Technical Outlook

We still expect a push through 1.9850 by July but near term, the probability of a corrective decline is high as suggested by the 5 waves up from 1.9469. 

As such, it is wise to lighten up on longs.  We’ll look for support next week beginning at 1.97. 

 Visit our recently updated British Pound Currency Room for specific resources geared towards this currency.

 
STRATEGY: Bullish, against 1.9469, target above 1.9850 (BUT lighten up on longs as the probability of a correction is high)