British Pound Technical Outlook

Having exceeded 1.5356, the short term bearish GBPUSD bearish count was eliminated. There is no change to the bigger picture pattern in which wave 4 within the 5 wave decline from the 2007 high is nearing completion. Watch the resistance line drawn off of the 3/24 and 4/6 highs as well as the 200 day SMA as levels that may lead to a reversal. If near term patterns indicate with a high probability that a top is already in place, then I’ll mention as much with an alert at DailyFX.