Sterling is currently within an , but has been in consolidation between the 61.8% fib level and the daily/4H at around 1.57 (blue highlighted area) for around the past month or so. Given price is still above the key level of 1.55 and taking into consideration other factors our bias is still on this pair. In order to go long, we would like to see a daily close above the 1.57 mentioned which could potentially lead us to the 1.593 level as our target 1. A break of that could then see price reaching our confluent area at 1.613 which is our target overall as shown by the chart.
In order for us to go short, we would need to see a break and close below 1.55 and also the ascending TL, which would then lead us to believe price could come all the way back down to 1.5.
All comments appreciated. Happy Trading.