British Pound Close to Major Top

[B]Commentary:[/B] The rally through 2.0131 has satisfied minimum upside expectations for the end of the ending diagonal that began at 1.8515 (the ending diagonal is the 5th wave within the larger 5 wave sequence from 1.7046).

The upper resistance line for the diagonal is at 2.0321 today. Cable may push closer to this level but the reward to risk does not justify a bullish position. Still, looking at the short term intraday charts, the pair looks poised to make another high (above 2.0194) as the decline from there is in 3 waves. Daily RSI shows a quadruple divergence as well and RSI is above 70 so the big decline back towards 1.8500 is expected to begin within the next few days to week.
[B]Strategy:[/B] Flat