British Pound Technical Outlook

The GBPUSD could be in the latter stages of an ending diagonal (from 1.5800). Only a drop below 1.5980 would suggest that the larger trend has rolled over. Until then, a rally to a fresh 2009 high is possible in wave v to complete the diagonal. Looking out further, targets in the event of a breakout are round number resistance at 1.7500 and Fibonacci resistance at 1.8238 (intersects with potential trendline resistance at the end of September).