Consolidation has been the word with this pair.  The cross barely flinched today after the BOE Minutes suggested that further action is most likely on the way.  It looks as though the as long as the Fed can keep the possibility of further QE on the table this pair will rise.  The pair acted very technical Wednesday despite all of the noise that surrounded it during  trading.  The cross bounced between the 50 and 382 fib from last May's lows.  As long as the pair remains above the trend line around 1.5580 the bias must remain for a move higher.  A break o f the 50 fib would expose the 1.59 level.  A break of the trend line could lead to a retest of the 1.5450 level.

Sup   1.5580                    1.5450

Res    1.5782 ( 50 Fib)          1.59  (  618  fib)

Summary:   Above trend line support (currently 1.5580) the pair should move higher.