Upswing is fully completed, therefore given the absence of american money on the market (the US is celebrating President’s day) we can quite witness a consolidation in a triangle. We could regard such formation a bullish accumulation (a kind of “bullish flag” or “bullish pennant”) and afterwards the pound probably will continue to grow in direction 1.3117.
Locally the pair is traded down, but there are quite tough support levels 1.3020 and 1.3000 ahead and today it will be a big question whether sellers are capable to pass them. The most likely scenario is flat.
Decline in direction 1.3020 and probably 1.3000, after that the major will get back to initial levels at 1.3030-1.3034.
Short-term trades in the 1.3000-1.3034 range.