GBP hovering above a major drop with the 3-day lows still supporting price.At this stage it is hard to see any major upmove occuring during this weekly timeframe, if it was going to happen yesterday was the most likely day.....
Yesterday's trading was choppy, there was some early support around the first 90 pip low where I was buying it looking for a completion of the range and move into the 5-day 50% level.
Then another push down before some more support around the next 90 pip low, and it wasn't until Support had reached and the third 90 pip lows aligned that price is now consolidating around these levels....
Each way bet on Thursday's trading:- below Wednesday support and next level down is marked, but with three 90 pip spiral lows I favour a rotation upwards into the 5-day 50% level before any 'down-trend' is going to continue this week.
Therefore:- Thursday would need to rise up into the 5-day 50% level and stall, before trading shorts down from a higher Friday open using the 5-day 50% level as resistance.
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