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GBP/USD - Cypher pointing to 1.65

FX:GBPUSD   British Pound/U.S. Dollar
Monthly chart shows a Cypher formation pointing to a extension of recovery (that began from 1.3835) to 1.65 levels. Note the rebound from 1.3835 levels is also a trend line support.

Watch out for a break above 1.4627 (23.6%) which also increases the likelihood of the pair moving further to 38.2% level of 1.5117.

Note the formation appears unlikely to unfold if Britons vote in favor of 'Brexit'. However, if we trust the chart, it means a less likelihood of Brexit followed by rise in BOE rate hike bets.
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