On Thursday the market profile for the British pound formed a trend day.
A fair price area stood in the range of VAL – 1.5886 and VAH – 1.6001. The point of control POC of yesterday was formed around 1.5908.
Forecast for today:
The British pound is trying to continue its up-going movement. In case of growth as a first resistance level will come the lower level of a fair price VAL of November 12 – 1.6056, and then the point of control POC of November 15 fixed near 1.6066.
I recommend to open more conservative short positions as soon as the pair touches the lower fair price level VAL of November 11 – 1.6108.
You can try opening aggressive long positions at the price lowering to the Point of Control of today 1.6026. More conservative longs will enter at the level of 1.6001.