(Click at the picture to enlarge)As I wrote below as a comment to the FTSE 100 Index the Pound looks very weak and is clearly the weakest of the major currencies against the USD at this point.
When EUR, AUD, NZD, CAD, ect. all are making new highs against USD the Pound is not even close and are showing us, that UK is facing trouble ahead.
It could be economic touble, trouble within the banking sector or maybe even some problem coming from out of nowhere...
A top in GBP/USD (Cable) is firmly in place with red wave (i) and (ii) is place, at the same time a Shoulder/Head/Shoulder (S/H/S) top is bulding and a break below 161.10 (the right shoulder bottom) would call for a move down to at least 150.67, but problably even lower.
Long term a move down to 134.98 and below in wave 5 is expected.
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