GBP/USD Daily chartValid support around the March 50% level and Weekly .618 failed on Wednesday pushing lower and breaking support with the downside target the Weekly channel lows @ 1.9677....
GBP intraday and 5-day rangesThere was no major set-up on Wednesday because of the conflicting higher timeframe support zones and the 5-day 50% level, which ended up a resistance zone .
And on Wednesday the expectation is that price is pushing lower.....
GBP intra-day and 43 pip ranges
GBP intra-day and 43 pip rangesThe previous 3-day lows on Monday supported price with a minimum double 43 pip range upside before breaking, and then the 3-day lows became resistance pushing the market down into the 5-day lows.
On Wednesday the same thing happen, and as yet price hasn't gone up to re-test the 3-day low break, but has gone down and completed the 5-day range move.
If GBP is going to re-test the 3-day low breakout, then I would like price to bounce from 1.9777 and swing back upwards, before heading down towards 1.9677 and the Weekly channel lows.
Note: Weekly channel lows are support within the current Weekly timeframe.
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