GBP Weekly and Daily chartsAt this stage the view is for GBP to head down towards the April low.
However things don't go down in straight lines, they often zig-zag their way to larger timeframe levels.
3 plays that we need to look out for next week....
A:- and this is what I would like to happen...
A lower Weekly open and expectation that price will swing back up into the Weekly 50% level before heading down into the Weekly lows
B:- Weekly channel lows shift lower next week and price moves down into the Weekly lows before reversing upwards into the Weekly 50% level and the 3-day highs.
C:- Just continues down on Monday and breaks support early in the Week and moves into a trend Weekly timeframe down. (less likely)
The 5-day 50% level has been defining the trend with each day pushing lower.If the market is going to follow either A set-up or B-set up then next week price will have to break the 5-day 50% level.
