Cable has shot up after the referendum vote led to a victory for the pro-unionists; now that it has been decided Scotland will remain in the U.K much of the uncertainty weighing on the pound has been removed.
GBP/USD ran up to a high of 1.6524 overnight but then fell back down by 40 pips to its current territory in the 1.6480s. It has rallied above a key down-sloping trend-line and has now posted 2 higher lows and 2 higher highs on the 4-hr chart, signalling a v.short-term reversal of trend to bullish.
This v.short-term trend will probably continue higher; I would want to see a move above the 1.6524 highs for confirmation of such an extension, with a target at 1.6600 and round-number resistance.
If today ends in the current pin-headed shooting star pattern, however, then that would be a bearish indication that the dominant down-trend was resuming. A clear break below the key 1.6245 swing lows could target support at 1.6155.
