Cable still has a few hundred pips of upside potential. A triangle has formed since the 1.9970 high and is viewed as wave 4 within the 5 wave advance from 1.9361 (which itself is a C wave). As such, a terminal thrust above 1.9970 probably occurs this week. Resistance begins at 2.0033. Risk on longs can be moved to 1.9811. Within wave C (from 1.9361); wave i is 346 pips and wave iii is 355 pips. With waves i and iii roughly equal, it is likely that wave v will be extended. The former 4th wave at 2.0101 is a possible target but with wave v expected to be extended, the GBPUSD could charge the 50% or 61.8% at 2.0248 or 2.0463.
STRATEGY: Bullish, against 1.9811, target 2.0119
