Friday:- 5-day 50% level along with 90 pip spiral top is going to define the trend (previous report)
GBP has followed the Forward drops down from a 90-pip spiral point.
The most logical area to be trying to short or trade the currency would have been from the 90-pip spiral top, along with the ‘forewarning' pattern of further weakness on Friday, as the previous report suggest, which is also a text-book trading set-up found in the book.
The move down wasn’t a very large trending down day but it’s usual 2-bar 90 pip range. This is why I prefer the GBP/USD over many currencies because of the range and movement each day.
A very bearish pattern would have moved much lower on Friday towards the November lows again, and then continue down next week, as it moves under the December 50% level.
However at this stage, the lower Weekly open, along with a major support level (December 50% level) has a much greater chance of finding support and then continuing higher with the over all trend towards December highs.
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