GBP-USD has moved in a 2-week sideway pattern since finding support around the November 50% levels.
Today is the last day of the month and December is going to decide whether the GBP will continue upwards to make higher high in this month, or break and head down towards the lower channels.
The currency is supported in a 3-day BUY cycle, and the overall trends remain bullish. The only ‘weaker’ pattern emerging at this stage is the Weekly drops, which if Friday continues down breaking the 3-day cycle, the December trend can easily change.
Intra-day:-
"GBP rising upwards from the November 50% level, but at this stage it looks more like it's consolidating into the end of the week and month with an UP bias... The best trades are occurring around 90 point spiral bottoms, and yesterday's trade was a perfect example of using an 90 point spiral top along with the 5-day 50% level to trade upwards. (previous report)"
This week I was using the 5-day 50% level as a support level and confirmed the trade with .90 pip spiral point.
However this changed yesterday, and Weekly Drops at this stage could send the market down into a lower Weekly close.
There is still major support in the GBP, but traders shouldn’t fight any down trend on Friday if the 3-day lows break…
Friday:- 5-day 50% level along with 90 pip spiral top is going to define the trend or continuation of the UP trend on Friday
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