Cable is lagging the EURUSD. Still, there is no structural change to the pattern. “The GBPUSD is supported by a long term trendline that dates to 1985 (see purple line at bottom of chart).
I expect a larger bounce off of this line; regardless of the larger trend…the result would be a volatile range over the next several weeks before a break to a new low.” The range to this point looks like the firs two legs of a triangle with price now at the lower end of the triangle. A c wave rally could reach 1.62 + this week.