GBP:- expectation that this week would consolidate until moving higher next week using the Weekly 50% level as a Trend Guide..Price action is in a 3-day Sell cycle, and for any new trend to begin these 3-day highs needs to break higher...
Market is trading around the 5-day 50% level (choppy)
Looking at price action and the past 3-day of trading, the 5-day 50% level is an area of interest because of the head and should pattern formation :- below and its heading down...
However, a bounce off the 5-day 50% level on Thursday and I'd look for a move towards the Thursday highs and and maybe a follow through (breakout)...it would need to remain above yesterday's 5-day 50% level....
1.95405 Risk
Previous Week and consolidation moved in 120 pip ranges. This week we can see the same, and with the higher spiral point today I would favour price rotating down before heading higher from a lower Spiral Point..However:- A break above the Spiral high @ 1.9592 and I wouldn't short the GBP as it would look to follow the move back towards Thursday's highs, as it rises upwards from the 5-day 50% level...
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