FOREX GBP/USD 29th August 2008

GBP Daily

No follow through on the upside on Thursday towards the 5-day 50% level, instead drifting back down into Thursday's lows.

I'm still expecting a move back towards the September 50% level, which I though would have occurring by now, but it looks like the Weekly balance point isn't allowing any upside moves.

Next Week's balance point will once again be used to define the trend.

No probability pattern on Friday

• All Daily forex reports are written before 9.00am Sydney Time, which is approximately 3 hours before Midnight GMT

Exact levels shown for current day aren't confirmed until midnight GMT