What's next? Probably a bounce off of an alternate low (black line) and a rally back up to the .
Otherwise a further decline, which is less likely in my opinion.
My concern here is we still haven't seen any failures of the bears. I expect one to happen, if the market makes the first higher low.
1) the GBP: momentum flagging, getting weaker, still stronger than the CAD, but weak as well;
2) the CAD: well oversold, momentum at its lows, stil the weakest currency, has just suffered a significant weakening, but nonetheles, getting even weaker;
3) the pair: in a long-term strong trend, but in the middle of a large correction, the minimum target for an ending impulse wave reached (I-APP-0.382).
Overall, the pair doesn't fare well, seems to be buying time, failed to make it to two targets I still have in mind:
a) the low of 26.01.2014,
b) I-APP-0.500, ie.the P point. at about 1.8265.
So I don't think it's done going up (although you have to into account such a possibility), until it reaches at least 1.8265. But first you may have to tolerate the currect corrective move that should however stop and reverse at the highs of the early February range.
In case you wondered what the I-APP-500 or I-APP-0.382 mean, here is the explanation:
I - impulse,
APP - alternate price projection, a prior swing move in the same direction projected on the onset of the current move, (the Robert C. Miner's terminology),
0.382 - 38.2%
0.500 - 50.0%