GBP/USD Daily chartGBP has come down into the March 50% level and has found support around the Weekly .618 range low.
The previous report I mentioned that price looked to be coming down on Tuesday into the Weekly .618 low and this low is a critical level on the March trend.
In an UP trend, you are going to get 3- day reversals, but those reversals should be supported at critical timeframe support levels, and both the Weekly .618 and March 50% level are those critical levels.
Monday's trading was about the 3-day lows, and started with a 110 pip rally before reversing down and breaking the 3-day lows.
As expected the 3-day lows became resistance and pushed down into the 5-day lows.
The only conclusion I can see is by the current price action, which is finding support.
I can't see a major reversal upwards on Tuesday, all I can see is a small range day with an UP bias, but any UP move should continue higher on Wednesday.
A break of the Weekly .618 low, and price looks to be pushing back down towards 1.9740.
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