GBP bounced off the Weekly .618 and move into a counter-trend rally back towards the 3-day highs. I expected that move could happen but not in 1 day, normally that would be a 2-day reversal towards those highs.Price is still trading below the Weekly 50% level, and that level will drop down next week to form a support zone for any higher moves....
Whilst price is trading above the 3-day high @ 1.9610 the expectation is price is moving towards Friday's high (right chart)....
Yesterday's rally began with the 'HOOK' back inside 1.9450 with the view that the up move would continue 110 pips:- the rally moved double R110 pips and into the 3-day highs...Friday's trading:- no high probability trade... risk level is the 3-day high breakout of 1.9612 above and it's pushing upwards towards Friday's highs....
Below it's rotating back down into the 5-day 50% level....
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