So what is the outlook for the British pound - that depends on the outcome of BREXIT. For the historical analysis see Britain's Prospects: GBP and BREXIT - MAP Wave Analysis.
Failure to close this month above 1.48 spells doom unless we see a high around 1.528.
Above we can see a long term median line from 1993. The 2009 low broke the 2001 low and the is only a 20% probability from this for the GBP to be bullish where this must be noise. Next we can see the 2009 low held in March. For bullish confirmation the pound needs to break last Junes high of 1.59! For medium term bullishness it needs to work upto the up sloping green ML.
In detail recent action we can see that the pound held the March low and has met the MAP 5th wave criteria by breaking above 1.477 today. We can see that reaching cyclical resistance and this high must hit the green ML which has a ideal wave target towards the end of July.
What has caused this rally over the last few days? Well you can clearly see last week's low hit the MLL and bounced sharply - that is typical of short covering when prices bounce like this. Prices are approaching the MLU and if we do not break through then I am afraid....... the days of the pond are over which means UK will join the Euro!