Even though the down trend has been abandoned, the trend is not clearly up. Price is conforming to the bearish slope of the brick-color fork. The sterling is relatively weak but not particularly oversold, quite strengthening now. The US dollar is much weaker and oversold, but is likely to at least stop weakening in the coming hours, if not strengthen itself. Anyway, although the picture is not clear, I'm slightly more bullish than bearish about the outlook of this pair.
