If you want to pick tops:
- Look for a move that has gone in one direction for too long
- Especially when the move has been counter-trend
- Look for a sign that one side has given up
Cable up 12 of past 13 sessions. The nearly 100 pip move up on the break of 1.58 overnight looks like shorts giving up.
It looks like GBP/USD has broken out of the two-month range but this is almost the perfect set-up for a false breakout/reversal.