GBP/USD Daily chartBreak of Weekly support last week and expectation that price is pushing down into the Weekly lows this week.
And there is an expectation that with the lower Weekly close last week and a lower Weekly open this week, price will swing back UP into the Weekly 50% level over a 2-3 day period.
At this we have two plays this week:- an UP move into the Weekly 50% level before trading down into the Weekly lows.
Or trading UP from the Weekly lows back towards the 50% levels....
GBP/USD intraday..
Trend guide for Monday's trading is the RISK level circled, and at this stage it's trading below that level so the expectation is to push down.
Above the circled level and price is moving back towards the 3-day highs.
GBP Range intraday....
And when I look at the levels based using range bars, at this stage price looks to be coming down and testing the levels around 1.9670
Note: At this stage I have a view that this week will look to consolidate between the Weekly levels into the end of the trading month, where April and the new Quarterly timeframe will give traders a much better view of the overall trend of the Pound against US dollar
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