GBP has continued up into the Weekly 50% level and stalled.
Often this level is a resistance level and the market continues down into the Higher timeframe support levels. However, one of these support levels has already been reached.
When we look at the Weekly timeframe, we want to be trading in the direction of the Weekly close:- Will the timeframe close higher or lower away from it's opening price?
In this case price is moving upwards away from it's open, and in theory price can move into higher prices by Friday...
If this is going to be a weekly timeframe that closes higher, then support is around the breakout and 5-day 50% level, it will often support price the next day and head towards Wednesday's high...
If the Weekly 50% level is going to be resistance, then price will often still rise towards Wednesday's highs first, but reverse back down into the 5-day 50% level and close on it's lows around this level....
Day-Traders have two levels to use to minimise Risk on Wednesday...
Position traders or swing traders, would have partial exit around the Weekly 50% level on the'breakout' but remain in the trade and filter the weekly trend with the 5-day 50% level for the rest of the week....
With the breakout on Tuesday, I would focus on moving towards the Wednesday highs, as long as price remains above the breakout on Wednesday...
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