The Weekly direction was going to be defined by Wednesday's trading, the 5-day 50% level and the breakout of 1.9639..Tuesday's late sell down has given us a fair indication of where GBP is probably heading....
A failure of the Weekly 50% level, and move baack under the break, and now trading below the 5-day 50% level the only conclusion is that price is heading down into Wednesday's lows, and probably continue down into much lower levels this week...
Wednesday's trend is defined by the 5-day 50% level....
I'd be surprised to see price move back above Tuesday's breakout on Wednesday... if it does the expectation is that it's going back to re-test Wednesday's high....(less probability)
Traders should use above levels to minimise Risk...
It's Wednesday the middle of the Week, and it's trading in the middle of the 5-day range:- each way bet
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