Cable Up Trend is Mature; Could BOE Cause a Reversal?

Here we see an Elliott Wave count for GBPUSD. The market appears to be in a terminal wave at multiple degrees of trend. Once the minor 5 wave impulse higher completes (we appear to beginning iv now), then the market will be at risk of reversal. There are other wave relationships appearing in the 1.3450 price zone. I don't know if it will get that high, but a reaction is likely to happen there.

For more depth to the analysis, check out the article on DailyFX.com.

Good luck all.

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Wave iii appears to be nearing an end. GBPUSD may dip towards 1.32 before one last run at 1.3450. This bullish wave sequence is mature...opportunities for shorts coming soon.

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After that dip to 1.3150 and subsequent high near 1.37, the evidence points that a meaningful top is in place. Be on the lookout for generalized GBP weakness or USD strength over the coming months.