The British Pound has been trading within the confines of this multi-year ascending pitchfork formation with price posting a weekly outside-day reversal off the 2018 highs last week. The threat remains lower near-term but ultimately advance remains constructive while above 1.3675-1.3737 where the 2016 high-week reversal close (Brexit) and the 23.6% retracement of the 2017 advance converge on the lower median-line parallel (blue). Resistance remains steady at 1.4346 with a breach higher targeting 1.4571.
Bottom line: Cable may be in for a larger correction here before resuming higher. For now, look for resistance at the yearly high-close / 200-week moving average at 1.4236 with a break lower to ultimately offer more favorable long-entries near structural support. In the event of a topside breach, look for initial resistance targets at 1.4571.