The pair is consolidating at the lower border of the emerging triangle which is clearly visible on the daily chart. The pair may drop only if the Bank of England either decides to lower the interest rate, or makes it clear that this may happen in the near future. Also, the speech of the head of the UK central bank Mark Carney may affect the pair’s dynamics in the same way.
The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is below the 50% level and is gradually decreasing. Stoch indicates the probability of a downward price reversal.
Trading recommendations:
Sell the pair only if it drops below 1.2985 with a likely decrease to 1.2900.