British Pound Trendline Resistance

[B]Commentary:[/B] After a brief spike through the resistance line drawn off of the 6/12, 6/20, 6/22, and 7/2 highs, Sterling has shown signs of reversing. The decline from 2.0547 may be just a 4th wave decline ina 5 wave rally from 2.0261.

Coming under 2.0402 would eliminate this bullish count and indicate additional bearish potential. Remember, the psychological backdrop, as indicated by the COT report, remains ripe for a top and reversal. [B]Strategy:[/B] Flat