Commentary: 2.0136 was our line in the sand for the bullish count and Cable has rewarded patience, pushing to 2.0326 this morning. Risk of a reversal outweighs the reward of gain in the near term as the pair trades at the upper end of its range.
Also, given the possible ending diagonal pattern in the EURUSD that calls for a reversal, GBPUSD weakness seems probable. Also, the overlapping nature (yellow circle) of the rally from 2.0084 does not inspire confidence. The more bullish pattern that we thought was playing out is still valid but there is too much evidence to the contrary right now, which will keep us from being aggressive.
Strategy: Move to flat (from bullish)