The psychoanalyst interpreted his patient's dream of riding a horse as indicative of her repressed sexual urges. this interpretation constitutes the

This would be the latent content. In using Freudian analysis, content that might not be apparent on the surface but could be explained by other means is what is searched for. Much of Freudian analysis centers on urges and desires that are not thought about and are repressed as a way of dealing with daily stresses.