FOREX GBP/USD 19th March 2008 part 4

Everything is valid until it's not.

Basically the Support zones were valid for a number days until they failed, and then price moves towards the next levels in the market, in this case down towards the Weekly channel lows @ 1.9677.

The daily price action on Wednesday trading below the 5-day 50% level didn't have the follow through and break above, instead pushing price back down

Breakout of the 3-day lows and expectation price is pushing down the next day, with Thursday's 5-day 50% level a resistance zone.