I wrote yesterday that “although evidence favors a top and reversal, the GBPUSD has yet to confirm as much. An alternate, in which Cable will trade higher in a 5th wave terminal thrust, is gaining more credibility each passing day.” The rally from 1.6231 is in 3 waves but could be wave i of an ending diagonal in the wave v position. Staying above there keeps the trend pointed up and there potential support at 1.6430.