In an UP trending market, there is an expectation that a lower Weekly close into higher timeframe 50% levels can begin a 'thrust' pattern Upwards, as prices rise up from a lower Weekly open next week.
A lower weekly close verifies support, and a lower weekly open rising upwards is confirming the trend within this currently monthly timeframe.
If that is the case then my expectation is prices are moving towards 2.0102, over the next 3 weeks"
Previous Weekly Report
GBP Weekly and Daily charts
Technically GBP moved higher during the week, but over the 5-days of trading GBP was choppy compared to the Euro/USD.
It wasn't until the 'hook' day on Wednesday that the Weekly analysis started to play out.
As pointed out on Friday in the Premium Report:-
"Currently price is above the monthly 50% level, Weekly 50% level, and 5-day 50% level, along with the filter, which suggests an UP day."
And Friday confirmed the Weekly view of prices rising higher by Friday and continuing towards 2.0102
Next Week:-
Weekly highs resistance, and more of the same of price rotating back towards the Weekly 50% level and then looking to move higher into 2.0102, which is currently a major resistance zone on the spread.
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