The pair is inside a large corrective structure since March and has given us plenty of trading opportunities within this range, currently it is forming a triangle which is converging indicating an impulse is getting ready and imminent, as we know triangle breakouts can be HUGE and this pair is no stranger to big moves, infact one of my favorites because of the volatility. While it's a bit difficult to predict to which direction the impulse will come I am betting it would be to the downside. If it goes to the down side a new downtrned will be confirmed in the short term, while a break to the upside still has 500-600 room to reach the previous highs. Keeping in mind that we have major GBP news coming today itself we may see the start of an impulse so will be keeping a very close eye during the news event.
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the pair has turned from the support trend line and is heading up and we can now possibly see the upper trend line tested.