The Trend on Daily and Weekly TF is bearish, however, price is at a weekly demand zone and could result in a bounce before bears resume. The rally could also be driven by profit taking. This is a counter trend set up.
Nice setup. I too bearish on sterling but instiutional profit taking/liqudity run could push sterling higher for the next 1 or 2 trading days. It wud be interesting how this pair would deal with market pricing in the Fed rate cut and risk of Brexit developments