GBP/USD Weekly and Daily chartsLast Week's view was a rotation up into the Weekly 50% level and then trade down, with a pattern of a higher Daily close on Monday and then trade shorts down on Tuesday.
Except Monday rallied further than expected, and Tuesday's reversal down didn't have follow through, with Thursday kicking up higher into Friday.
Next Week:- looking at price action, expectation prices are moving higher, but the pattern I'm looking for is a reversal back down into the Weekly 50% level and then continue higher.
However, if GBP is going to continue much higher, then July's 50% level is the trend guide, as depicted in the Weekly chart on the left.
GBP 3-day patternExpectation is a reversal down from Friday's highs and back into Friday's 5-day 50% level, matching the Weekly 50% level, before any UP trend continues.
- All Daily forex reports are written before 9.00am Sydney Time, which is approximately 3 hours before Midnight GMT
