USD index has reached and consolidating at the 4H demand zone from August. The next move will set the direction for the rest of the major pairs, thats why it is critical we keep an eye on the index to add on to the confluence.
Possible scenario in my humble opinion is that it will recapture the 110.618 level first before deciding where it goes after December's...
Price is reaching supply zone created from last week's volatility, expecting price to take out supply zone and make a pull back down to demand zone. GBP fundamentals are weak too, price may even break demand zone and drop further down.
Price formed a triangle at the moment, definitely the hot one on my list now. Currently still bullish bias on this pair due to fundamental factors. Waiting for breakout of the triangle to go long.
