Cable has turned to the upside again in June, a move that has been expected as we were looking for a fifth wave up within an ending diagonal. The market is already at the highs so the bullish trend can be in its final stages.
However, for now the trend is still up and it may extend even above 1.7100 before the market turns down. We however, expect a top formation in 2014, but we need a a reversal from the highs in five waves back to the lower side of the pattern before we may look for a change in trend.
GBPUSD Daily Elliott Wave Analysis 
Elliott Wave Patterns: Ending Diagonal
An ending diagonal is a special type of pattern that occurs at times when the preceding move has gone too far too fast, as Elliott put it. A very small percentage of ending diagonals appear in the C wave position of A-B- C formations. In double or triple threes, they appear only as the final “C†wave. In all cases, they are found at the termination points of larger patterns, indicating exhaustion of the larger movement.
