Despite some pound weakness seen more than a week back from 1.6060 level, the pair was unable to break beneath the support channel line connected from January low. In fact, that line caused a strong buying into a new high seen in the past week, which we now believe its a wave C leg; third leg of a zig-zag recovery after a runing triangle in B wave. As such, we are now focused on more strenght for the next few days if not weeks, towards 1.6200 or even higher, before wave E) from 2012 low is complete.

The pair will reverse into a bearish stage only when 1.5800 gives way!