I would look for a reversal back down into July's 50% level, using the Weekly highs as resistance, along with the intra-day 3-day filter."
Previous Weekly Report
GBP Weekly and Daily
GBP has reversed back down into July's 50% level.
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.
GBP 3-day filter
Tne 3-day filter and 5-day 50% level was the trend guide on the way down, and next week the same levels will begin to verify whether July's 50% level is a valid support zone, and prices begin to continue higher.
- All Daily forex reports are written before 9.00am Sydney Time, which is approximately 3 hours before Midnight GMT
