"It is worth noting that the high so far on GBPUSD has been 1.7177 in this move higher. The high of the trend into the October 1998 peak after a rally from a 1.48 “handle” in 1996 was 1.7178. This move began off a 1.4814 low in July last year,"
While this 1.7140-1.7180 range holds (Weekly close basis) our bias would be that a top is being put in like in 1998. A weekly close above 1.7180 would question this assertion and suggest further GBP gains could be likely,"