We can analyze on the graphic how our trendline was the area where traders sought the breaking point. To that, the market performed an Elliot ABC correction. The market has no reasons to break and the upwards trend can only be correcting the previous movement. We marked a fibo retracement from 1.6111 to 1.6737 dollars per pound and we're watching how the price stopped at the fibo 50. If the price keeps hitting higher lows we'll see the price attacking 1.67 again. However, the 200-day MA could act as a resistance and then continue with the short movement it made yesterday. Continuing with Elliot, we could think that the pair is again performing an ABC (with the C still missing). Then, the dollar will climb against the sterling.

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