The British Pound continued to recover against the US Dollar, with prices issuing their largest daily increase in two weeks. Initial resistance is at 1.6906, the Fibonacci expansion, with a break above that targeting the 1.6996-1.7015 area marked by the
Risk/reward considerations argue against entering long with prices sitting squarely at relevant resistance. On the other hand, taking up the short side seems premature in the absence of a defined bearish reversal signal. We will remain flat for now.