British Pound Tests 2.0200

The rally through 2.0131 has satisfied minimum upside expectations for the end of the ending diagonal that began at 1.8515 (the ending diagonal is the 5th wave within the larger 5 wave sequence from 1.7046). The upper resistance line for the diagonal is at 2.0321 today. Cable may push closer to this level but the reward to risk does not justify a bullish position. Still, looking at the short term intraday charts, the pair looks poised to make another high (above 2.0194) as the decline from there is in 3 waves. Daily RSI shows a quadruple divergence as well and RSI is above 70 so the big decline back towards 1.8500 is expected to begin within the next few days to week.
[B]Strategy: [/B]Flat