Price action usually tells us all we need to know about a pair and the fact that there was no momentum increase above previous highs at 1.6165 suggests to me that the market might be getting a bit overly long. I’m on heightened alert now and will book the remaining profits on my longs and will even contemplate a short-term short position, depending on how the market develops from here.
Large end-of-month GBP buying against the EUR is also expected and if this cannot shift the cable higher then we really are close to a top.