GBP:-
Tuesday there was an expectation of a reversal back upwards to verify resistance around the break of the 3-day lows. Traders who were long had exit zones at 2.0810
The expectation was then for GBP to continue down into the November 50% level, however I was looking for Wednesday to ‘stall’ before trading the break of the trailing support zones down..
Even though intra-day cycles are long around these lows today, the Weekly timeframe pattern suggests further weakness into Friday.
The only short-term UP move that would interest me would be a test of the November 50% levels and then trade the break of the trailing resistance line, otherwise stay out and respect the trend….
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