GBPUSD Going As Expected

Quick update on my GBPUSD analysis from the other week the first part of the idea has went as thought we got the buying reaction at the 1.142 level which went all the way up towards the first target area above 1.17 which was the previous weekly low that was taken out in the current trend to reach the 1.142 low.

As explained in the post once the 1.172 previous LOW is hit we should then see sellers push the market back down under 1.16 again actually it has dropped down below 1.15 after the US CPI data yesteday so where to next ?

Well as long as the 1.142 low holds and we do not see a clean break and close of this level on the weekly charts then I am still looking to go LONG only if a Daily signal occurs on my indicator or a MACD divergence on the daily charts showing a double bottom formation.

My target will be the Weekly SUPPLY/SELL zone located in the mid 1.20's as the 1.172 previous weekly low will not hold as we have already had the first test of this area.

Let's see how this plays out :)