A potential scenario for the British Pound , with a longer term perspective.
Current Wave 4 with supporting Golden cross of 10/20 MAV, and breakout of recent consolidation in Mid April 2017. The possible completion of Wave 4 at confluence of descending trendline resistance, significant horizontal resistance, and .50 fib retracement of Wave 3 around 1.39.
Then potential for market direction to return to the longer term downtrend with a Wave 5 move (1.618 extension of Wave 3 ) to 0.94.