GBP Monthly and Weekly
Last Week's up move on the back of the rate cuts was set-up before, as price was trading above the Weekly 50% and expectation of a move towards the December 50% level.
At this stage the view is two weeks of consolidation until the end of the year, and then see whether GBP continues down early in January or moves towards the Quarterly 50% level.
But with this week's failure of the 3-week highs, price looks to be pushing down.
GBP 3-day patternWithin the 5-day pattern the trends are defined by the 5-day 50% level but also the blue 3-day mid point.
I would treat the new two weeks as consolidating trading days of UP and DOWN days....
higher daily open closing lower and higher Daily opens closing lower
