looking at two scenarios here.
price action to determine what to do.
Brexit resolution could make this to breakout quite violently to topside, or if that dissapoints, we may see this drop back down. only time and price action will tell.
patience is key.
note that the RSI and Stoch are showing signals over overbought, and that this may come down again, hard.
just look at the 4hr chart - mild divergence, flag/triangle consolidation pattern and previous support levels.
IF this support level breaks and holds, there are few other levels below to stop a significant drop down to 1125 or even lower
this would coincide with the potential USD breakout to the topside - which is...
rejected at the 'usual' 95.50 level (4th time in recent weeks) but with every rejection being responded to by more buyers (higher lows / less deep retracements)
im now looking at this previous structure level to long the USD. entry on lower TF (5, 15 or 30mins)
caution adivsed, on higher timeframer (4hr) the stoch and RSI indicate that there may be a deeper...
chart is pretty clear, this is the 8th time we are testing this area. already TP1 and 2 on previous trade and looking to re-enter.
we may expect some drawdown, but continued political uncertainty should way on the pound.
do keep an eye on upside break should BOE surprise and the global tradewar worries ease and equities (and yen) strengthen.