Immediate signals for sentiment are not entirely clear because this week's early action has seen consolidation rather than trend.
But the last 2 weeks have seen steady demand that has taken sterling to 8 month highs.
The top of weekly Ichimoku Cloud has been broken for the 1st time since January
Both momentum and strength indicators are positive
And prices are ‘hugging’ the top of a bullishly trending daily Keltner channel.
So the tone is clear but a move through this week's top is needed to kick start gains once more with 1.6055 a key target in the coming days, ahead of this year’s highs close to 1.6400.