Yesterday, I advocated for a short against 1.5270. That decision did not pan out as the GBPUSD has continued higher. Wave 4 within the 5 wave decline from the 2007 high (2.1160) remains underway. 1.5735, the confluence of the 38.2% of the decline from 2.0162 / December 2008 high, seems a likely target. This level intersects a resistance line at the end of May. Wave structure is bullish against 1.5065 and there is potential short term support at 1.5200. Strategically, I prefer to wait for an opportunity to short the end of wave 4; probably later this month.
