The GBPUSD reached 1.6997 and posted a hammer candlestick, reversing its course. This fuelled a strong suspicion of an intervention by the BOE to keep the pound below 1.70 USD and to protect it from the falling EURO.
The new trend might take the currency to the area 1.6378-1.6304 and to 1.60.
Quite simple: all charts show the completion of 5 waves up.
Note the reversal "hammer" in the weekly chart
THE WAVE OSCILLATOR
The wave Oscillator displays the typical Reversal Cusps. BTW, unless the GBPUSD plunges vertically, the W.O. should deliver an entry point only after a rebound.
Monthly chart, click to enlarge
Weekly chart, click to enlarge
Daily chart, click to enlarge
Wave Oscillator on a daily chart, click to enlarge
4-hour chart, click to enlarge