GBP:- Reversed off the Weekly .618 range @ 1.9370 and has pushed up 110 pips into a risk level @ 1.9471....
My earlier view was that this could provide an ideal reversal trade back down (110 pips) and into the lows....
What has happened it has 'hooked' back inside an SD channel that often provides support.....
Price would need to drop back under 1.9450 for me to feel that price is going to go back down , otherwise the expectation is that it will move another 110 pips upwards....
This could happen because of the bounce off the Weekly .618 lows yesterday......
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