GBP bounced off the Weekly 50% level yesterday and moved up into the 5-day 50% level before stalling, and on Tuesday price is back below the 5-day 50% level.Whenever the market breaks the 3-day lows, as it did on Friday, the expectation is that price would move to the extended low the next day before reversing back towards the break.
Even though price moved upwards yesterday, it's currently in no man's land trying to work out whether it's going to come down again providing a 'HOOK' day, or contining higher.
When we look at Wednesday's range, it might actually provide the breakout on the Upside tomorrow, than any higher moves today.
When we look at the Primary range on GBP (120pips)....the interest zone is the spiral bottom around 1.96675.
Basically Tuesday is moving down from a spiral top, therefore it favours a push down before any higher move...
In Conclusion:- Looking at Market Dynamics, I would still like a Push lower on Tuesday, test support on the Daily lows, and then 'hook' back upwards.
This can set-up a breakout UP move on Wednesday. (Break of the 3-day highs)
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