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. Cable has tested a former 4th wave extreme at 1.5730. As I’ve mentioned many times, 4th wave price extremes are common reversal levels. However, short term structure does not look complete. As such, the GBPUSD likely subdivides higher and makes its way to 1.60.