British Pound Breaks 2.0600

[B]Commentary[/B]: The rally from 2.0056 is in its 5th wave and as such, we are looking for a return to the former 4th wave at 2.0459 once this 5th wave is complete. Of course, there is no evidence that wave 5 is complete yet. The pair continues to press against the resistance line drawn off of the June and July highs and RSI on the daily has been overbought since July 10.

A drop below the line drawn off of the 7/6 and 7/13 lows would strongly suggest that a near term top is in place. That line is at 2.0576 today and in red on the chart above. Price above this line keeps the structure bullish. [B]Strategy[/B]: Sell break of 7/6-7/13 line - currently at 2.0576 (in red on chart), against swing high (currently 2.0654), target 1 2.0459