On cable we can count five completed waves-up in wave C that show signs of a top around 1.5606 because of the ending diagonal in wave 5, divergence on the RSI and now also accelerating price action below the trading channel, which suggests the pair is in the early stage of a minor wave (iii).

Further weakness toward 1.5450 would be a strong and very important sign for further GBP/USD top. See our video from Apr 29, 2013 for more detailed analysis on GBP/USD as well as the AUD/USD.

Elliott Wave Analysis Chart

Analysis by: http://www.Forexpros.com - Written by Gregor Horvat Forexpros

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