The British Pound continues soar against the US Dollar having started a recovery as we suspected. Prices are testing resistance represented by the 61.8% Fibonacci expansion at 1.6754, with a break above that targeting the 76.4% level at 1.6873. Alternatively, a reversal below the 1.6658-67 area marked by the
Entering long seems premature until a break of resistance is confirmed on a daily closing basis. On the other hand, attempting to pick a top and taking a trade on the short side presupposes current momentum will unravel without any readily apparent evidence. As such, we will remain flat for the time being.