GBP/USD Weekly and Daily chartsGBP is supported above the March 50% level and Weekly .618, and there was an expectation that Tuesday would have an UP bais, but the range would be a consolidating trading day.
My next view was that Wednesday was going to be defined by the Weekly 50% level, as long as Tuesday closed above it, I would favour Wednesday moving higher.
So far this is what has occurred.....
GBP intraday charts.....Within the 5-day pattern Wednesday is trading below the 5-day 50% level, so it's hard to have a forgone conclusion that Wednesday will move higher, certain things need to happen to verify the UP move, because when we look at the chart on the left the market looks choppy.
An UP move should be verifed with a break aobve 2.0166. and a target of the 3-day highs @ 2.0267, and then the 5-day highs @ 2.0424.
Looking at the ranges on the right (43 pips), traders can use the trend bias of yesterday's breakout @ 2.0045, with any upside target based on the 3 and 5-day highs.
Note: there is no high- probability trade on Wednesday because of where price is trading in relation to the 5-day 50% level.
Trading longs below 2.0045 on Wednesday is high risk...
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