Market has upward structure so far making highly likely break of buyers above the last high 1.3011 (watch the black arrow).
But there are serious concerns about downward reversal: if we evaluate momentum of two last swings (downward and upward), we’ll see that speed of decline was much higher than speed of pound’s current recovery (watch the yellow downward and turquoise upward zones).
Local structure keeps steady uptrend so far, therefore more likely scenario eventually appears continuation of the quotes’ growth to the 1.3011 region.
Growth in direction 1.3011.
Longs towards 1.3011.