Trades in the upside channel
Taking a quick look at the hourly chart above, the pair moved to test a lower side trend line on the back of the comments from the Fed Chair Powell, but that run lower did stall at the lower trend line.
So the pair remains in the upward sloping channel. The 1.28137 is the lower line. The high trend line comes in at 1.2891 currently. We trading at 1.2843 currently — closer to the bottom target, but the bounce was quick.