GBP has continued down into the same .618 Weekly level as two weeks ago, with the next day breaking lower after finding support....
It's a bit too early to say whether it will do the same, but we can see there is a 2nd 3-day breakout of the range that does favour further weakness towards Thursday's lows.....
The R110 pip range has moved down into the 5-day lows and bounced:- this matches the Weekly .618 level so there is valid support around the lows...
However I'm going to subscribe to GBP as continuing down, and if that's the case then the R110 Spiral high @ 1.9471 would be an ideal Risk/resistance level on Thursday....
Any bounce off the Weekly .618 shouldn't rise more than 110 pips for Thursday to push down.....(Full Report later)
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