Since September 2013 the rise has been constrained in a relatively firm channel. That said, July has been a month of cascading prices. Many attribute this to a number of negative reports. Commentators (see the related idea) have also indicated a belief that the Cable has breached a which will see it plummet further still, perhaps signalling a reversal.
Given the recent rise at the channel mark the pair is at a decisive point. Will it breach the potential short-term resistance level? the last few hours suggest so. I am relatively confident we will see the Long game pay out in the coming week, especially given recent negative news events focusing on the Dollar.