"At this stage GBP is stilled view with a ‘downward’ bias whilst it’s trading below the Monthly 50% levels.
Until GBP breaks the Weekly highs and comes down to Re-test the June 50% level (verify the break with Monthly 50% level Support) then I would still continue to use the 3-day high pattern as ‘shorting’ opportunities...."
1st June 2008
Yesteray's report....
GBP 5-day pattern....
This week GBP Was viewed with a downward bias because of price trading below the monthly 50% levels and coming down from a higher Weekly open...
A break of the 3-day lows on Wednesday, and expectation price is pushing down into Thursday's 3-day lows, with the potential to reverse back upwards into the break....
That is....trade down from the 3-day break into the 3-day lows on Wednesday...then I would look for some buying support around Thursday's lows."
Thursday played out the reversal pattern from the 3-day lows and back upwards.
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