I am looking at a Long term selling (RED Arrow) but these highs price is currently on seem inviting for a stop hunt.
If these highs are hunted and we get failure signs (Pins etc) we should get a medium retracement and continue upwards to trigger shorts that will complete our 2017 portfolio targets if they complete.
We have had a great time projecting GBP this year (See ideas below and GB10Y PA) and we are looking at a low summer but I still believe that the interest rate market is leading the price action but what the BOE does will give us the direction for next year.
I'm one of those who still see the pound to expensive on a monthly perspective and I want to see it and 2016 lows end of this year, early next year when picks up.
My charts require responsible trading and patience but I hope everyone sees that the market tends to favor investors that have a long term perspective.