GBP Larger Time Frame - Market Barometer Update

Hi guys, here is a look at the GBP on the 4 hour (macro) view. The GBP pushed through support and still has a lot of room to run (if it wants to). We have a consolidation pattern for the GBP on the normal (15 min) market barometer, but we could see a deeper consolidation before the next push down. If the 50 level fails on the 15 min, then we know that we are in for a larger consolidation, but the long term tells us that this currency is short after the break below support.

After the consolidation period is complete, I would expect the GBP to continue lower for 2 to 3 trading sessions, then consolidate longer term.

This is not investment advice, just my opinion(s). Please trade accordingly.

Trade safe and keep an eye on news.