Use this PowerShell function in the PowerShell ISE to change location to the directory of the currently selected file.

Set-ISELocation.ps1

#requires -version 4.0
#requires -module ISE

<#
use this function in the PowerShell ISE to change location
to the directory of the currently selected file.

Learn more about PowerShell:
http://jdhitsolutions.com/blog/essential-powershell-resources/
#>


Function Set-ISELocation {
[cmdletbinding()]
Param()

#save current location so that you can pop back
Push-Location

#get the path from the currently select file in the ISE
$current = $psise.CurrentFile.FullPath

#split the path to get the parent path
$target = Split-Path -Path $current

#change location
Set-Location -path $target

}

#define an alias for the function
Set-Alias -Name jmp -Value Set-ISELocation

This function is described at http://bit.ly/1VIaBxL