1.4255 at European open?
My assumption is that the move down isn't done and Pound is likely to make another leg down.

There's the blast. But is it going to sustain? I suspect a lot more traps and games.

Look at that! Now that was one of the best traps, and fastest, I have ever seen.

Now a snap back up. Look at this rapid-fire yo-yo action!

I'm expecting monster strong up any time now.

I think it will shoot for that swing high to the left next. Stuff comes in at around 48.50, and the swing-high is 49.50, so a sweep of that.

But it is also possible this is just a mini sweep and another trap. I think it is moving up now, but who knows. This thing changed character dramatically three weeks ago. One of the biggest shifts I have ever witnessed in the market.

By the time I corrected three typos in that last message and posted it it made another burst up.

At this point I am seeing the area here holding and the bigger move to the upside being the most likely case scenario. But, I want to point out that if this does the expected sweep, this will hit the backtest area once again in the form of a near flat bearish ABCD. And the Fed minutes are coming. I think the dip is over, time for new highs for the move, but this is worth watching regardless.

Okay, the next leg is underway. It's getting close...

48.75...

Originally posted by jimkane

I think it will shoot for that swing high to the left next. Stuff comes in at around 48.50, and the swing-high is 49.50, so a sweep of that.

had a day full of appointments.....did you say something jim? ;)