FOREX GBP/USD 1st Feb 2008 part 2

GBP has moved back down into the Weekly 50% level......

This is the price action that I wanted to see before any further moves upward towards the February 50% level, and it was confirmed with the break of the 3-day lows on Friday...

Change of 3-day cycle and I would look for a 2-day swing back towards the break @ 1.98190 in the first two days, ideally bouncing off Monday's lows next week.....