Here we see an Elliott Wave
count for GBPUSD
. The market appears to be in a terminal wave at multiple degrees of trend. Once the minor 5 wave impulse higher completes (we appear to beginning iv now), then the market will be at risk of reversal. There are other wave relationships appearing in the 1.3450 price zone. I don't know if it will get that high, but a reaction is likely to happen there.
For more depth to the analysis, check out the article on DailyFX.com
Good luck all.