GBP moved up into the Weekly 50% level and reversed back down into the 3-day lows.Price has held the 3-day lows, and the cycle is still a BUY.
Any UP move is going to rise from this level if it is going to move towards January 50% level.
A down move like this from the Weekly 50% level back into the 3-day lows is a repeating pattern.
Price is rising upwards from a 90 pip spiral low, 3-day cycle lows as support, and the blue channel lows.
Traders should have a very good idea on Wednesday how the overall trend is playing out.
With January pointing lower than December, and December support disappearing, GBP can go lower in this month.
Don;t trade longs below the 3-day lows..
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