Looking at the Cable chart, indicators are slowing down nearing the overbought zone, which could signal a reversal by next week. A is almost complete, and a pattern might be on it's course as well.
The pattern reversal zone (PRZ) is estimated to be in the range of according to coordinates and resistance lines.
A safer way to approach reversal is take shorts on the break of the red uptrend line, since it will be certainly a trigger.
Targets to take profit are 1.5400 and 1.5070.
May the market be with you.
In relation to currency price movements, it should go either way depending on the difference in magnitude between expectations and actual news.
Right now, market sentiment is showing increasing demand for dollar as the Federal reserve is expected to taper, so it's priced in, but not completely.
With that said, a no taper will definitely weaken the dollar. While a taper will affect the dollar depending on how big the reduction of asset purchases the Fed decides to cut.
The odds of major dollar strength is low at this point, but we will see what happens until September 18, as this is not the only major market event. And sentiments might change completely until then.
I personally prefer not to trade news, and usually close out or place tighter stops before big news events.