I think this is a head and shoulder top.
Look below for more charts and reasons to be short.
UK's growth has been made on housing market with the government's help to buy scheme (20% subsidy for every home buyer). Haven't they learned from the 2007/08 mistake. There is another bubble forming in UK. Lets add enormous 509% (of GDP) deficit in oppose to USA's 104%, and the fact that UK's main trading partner - Euro Zone is in a serious mess and on a verge of collapsing with anti-EU political parties getting stronger and will soon have majority of seats in the European Parliament. GBP can't grow stronger much longer there is just not enough room. It hasn't reached 1.63 yet and I'd be very surprised if it did this year. I'm short since Friday 22nd 1.6195 and will not close this position until 1.57
Personally, I will wait and see what will happen up here. It could be a 3x top or a fake break out.
I will short if we get a bearish sign up here
But I think the market could go higher to 1.63, which is in line with my thoughts about
EURUSD and Dollar Index - which are one final low in the dollar index and high in EURUSD