Expectation that GBP was heading down towards the January lows @ 1.93320, price hit 1.93370 when US FED cut rates pushing GBP back upwards...
Around these extremes in monthly timeframes, the currenny often swings back towards the monthly 50% levels, in this case price moving upwards towards the February 50% level starting from next week.....
When Price broke Monday's lows, then expectation that price would move down into Tuesday's lows....
The market is trading in the middle of the 5-day range, therefore it can go either way until the end of the trading week, before a new trend establishes from next week...
At This stage I would use the Daily channels as Risk plays, trading Resistance and or breakouts, because it wouldn't surprise me to see the rest of the week continue to move into a sideways pattern until next week..
No probability trades for Wednesday...
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