GBP has closed out the Trading month near the March 50% level.GBP is still trading below major resistance levels on all higher timeframes, and at this stage the March 50% level is viewed a resistance level with the expectation that price will be pushed back down towards Quarterly lows.
This will be be confirmed on the break of the 3-day lows and matching Weekly 50% level.
The trend is defined by price trading below the March 50% levels:- DOWN
A bullish pattern will be a break of the March 50% level, and the Weekly highs.....
Monday:- price is trading down from a higher 110-pip spiral point and below an intra-day trend indicator @ 1.9912
Expectation whilst price is below this level the 110 pip range needs to come back down and complete the Range @ 1.97945.
After the 110 pip low, the trend will be defined by 1.98370, if GBP is going to test March 50% level then it will rise upwards from the 110 pip low and move above 1.98370 and continue higher.
Othwise it will continued down into the 3-day lows (break-support)
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