Momentum divergence was present in the last push down, which is typical when approaching a bottom.
The Bank of England has kept a Hawkish tone recently, which changed the sentiment to for the Pound.
Not so positive FOMC minutes helped seal the deal and made cable reach this sentiment extreme.
I expect a correction before further advance, which I don't discard.
I'd like to see a tradeable formation once this retracement is complete, to then look for long only trades.
Short term trade, should be quick and reach the target tomorrow.
Then I will try to get long after the Yellen speech if possible, depending on the outcome and wether my Elliott wave count is correct or not.
If not, we can expect price to dive past my support level in red, but it's less likely from a technical stand point.
1st possible scenario