GBP:-Previous Week reversed down from the Weekly highs and back into the Weekly 50% level. This was confirmed with the breakout of the 3-day lows on Friday...
This price action was what I wanted to see before any move higher could eventuate.
On Monday price is trading above the Weekly 50% level, whilst price is trading above this level 1.9648 the exepctation is that it will move back and re-test the breakout from Monday @ 1.9819...
I personally would actually like to see GBP make a lower low on Monday into the Daily lows around 1.9581-1.9558, and then 'HOOK' back inside the Weekly 50% level.
This is the same price action that occured in US markets last week, and if this occurs then not only will price move back towards the breakout of Friday but over the next 3-days be back towards the highs @ 1.9945.....
And then move back towards February 50% @ 2.0133
Note: Current Price action is trading below the Monthly Balance point @ 1.9732 and in a 3-day Sell cycle. This price action can often be viewed as Bearish, so it is not a forgone conclusion that GBP will move higher, but with a HOOK-day it will probably set up further gains, especially with Price trading above the 5-day 50% level.
High RISK trading longs below 1.9558 (Weekly)
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