Sterling was under a great selling pressure against US dollar since couple of weeks but it is a time for correction or might be the reversal on breakage of key resistance levels. This pair moved more then 600 pips in 7 weeks.
Technically this pair is in bullish trend for day trading because SMA 100 and 200 are indicating a clear bullish trend. Ichimoku cloud signal is also bullish in h1 graph. Alligator and parabolic SAR signal is also bullish in h1 graph. Bollinger Band is indicating a clear reversal trend in d1 graph.
Further more in d1 graph the d wave is indicating some correction here. Sterling is also testing the support level 4th April,2014. It seems that sterling will try to test 1.6696, the 23.6% Febo level.
Buy Above 1.6570, Expected Targets 1.6643/70 Stop loss 1.6535,Break out sell 1.6530