GBP continued higher towards Wednesday's highs and hitting daily resistance.Ideally I would have liked to see price test the 5-day 50% level before heading higher, but regardless if you missed trading longs, or didn't trade longs, there was a 'short' trade at the top of the market using the same resistance level.
Once again minimum move is a 43 pip reversal, and now it decides whether there is going to be a down move back into the 3-day breakout, or does it follow the Weekly Trend upwards, as it follows the dynamic ranges higher each day.
Note: Rising upwards from a lower Weekly open using Quarterly support can continue higher into Friday. A rising Weekly trend can still have 1 down day inside the 5-day pattern.
Weekly 50% level is now a support level and trend guide. 1.9582
I've dropped the 120 pips down to 110 pip ranges, because of a couple of near misses lately, and it seems 110 pips is the new range/spiral.
If price is going to move down on Thursday, then it will be 110 pips:-
If price is going to continue higher by Friday, then the Weekly level should support price and then rise upwards on Friday....(lower daily open rising upwards)
A bullish Weekly timeframe can continue upwards into higher prices on Thursday:- but with price coming down from 110 pip spiral top from Wednesday, then I wouldn't go looking for 'long' trades on Thursday unless it comes back down....
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