The pair has run into long term resistance and has weakening momentum and may have made a end of a 5th wave. Buying interest seems to be currently waning which could lead to a squeeze. If the article 50 is slowed down or tomorrows speech is looked at as bullish for the Pound we could see a reversal.
4th wave correction back to the 1.272 extension off of the 1st leg which is also the 50% of the 3rd leg. Then looking for a final push higher back to old price levels and extension levels outlined in the blue box. Fundamental reasons are Fed pushing out rate rising hikes and RBA staying neutral with people looking for yield.
Looking for the pull back in the pair to continue around 1.1040 which would be the 50% of the previous leg up. Looking for target of 1.1503. Of course price can do what it likes but that is my plan which would go with the dollar longs being pushed out by a delayed Fed and continued Euro shorts being undone.