Trading range of the British pound continues to contract staying within the scope of last upswing. Given that structure doesn’t have a completed downswing decline scenario will be the main. Last low of the market resides at 1.2821, therefore we don’t anticipate decline below this level.
Local structure has an impressive cap in the shape of resistance zone 1.2941-1.2950, from where we can consider going short in direction of support zone 1.2893-1.2899.
As we see structure doesn’t have directed tone, therefore upward break is unlikely.
Growth to the 1.2941-1.2950 region and then decline in direction 1.2893-1.2899.
Shorts from 1.2941-1.2950 to 1.2893-1.2899.