FX:GBPUSD   Pound Sterling/U.S. Dollar
613 2 0
expect to retrace to 38.2 from the impulse leg up. The PA shoot right to the 127.2 ext of previous high.
In my experience, every breakout from a CZ, regardless of direction is followed by a retest of the CZ boundaries. In this case the breakout of range should retest the previous high (retracement 23.6) at least to continue upside as trend continuation. The long wick of the second topping candle shows the intention of PA to go higher but closed below the previous topping candle. This suggests a move down with great certainty to 113 ext of previous swing high at 1.63, which could bounce back forming new CZ. In short words, I don't see GBP going higher at this stage. The next week is full of news so high risk trading implied.
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I don't think so as we broke out of the sideward range on a daily basis yesterday which implicates higher rates.
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