GBP:- upside potential move this week is to the Weekly .618 range @ 1.9789, which also matches the Friday highs...However, 4 days up in one Weekly timeframe and there is a much higher probability of 1 down day in this 5-day Weekly pattern.
Along with 'forward-drops' on Monday, today actually favours a 'down-day', which could go as far as the 5-day 50% level, and the 3-day breakout from Tuesday....(down day random length)
Price is coming down from the 110 pip high, whilst price is coming down from this upper level, then expectation is that the minimum move is down to 1.9628...
There can be support around that level, but a 'down day' can move much further down on Friday.
The only view I have is a push down on Friday, but I also understand that any down move into lower levels can bounce and head up into Friday highs late today or Monday....
Ideally would like to see a DOWN day, verify support, and then trade UPwards from next week using the Weekly 50% level as a trend guide.
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