In this monthly chart you can see that the GBP reached the all time high a few weeks ago and then regressed back down a little. It looks like it is time for reversal. Notice the Fibonacci retracements. The 38.2 level is at around 1.96 which is also the resistance line at 2004-05. Notice that the RSI went above 70 and is now under which is a good sign for reversal (Just like it happened twice in 2004). Now it will probably take a few months to happen but I think traders should keep an eye out for it.