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I don't follow this, but did see the well developed Wyckoff/SMI story that was unfolding last week and posted the first chart of the daily GBP. It has come down a little more than the ideal, but still looks constructive.
Looking at your daily chart (second chart), it is sitting right on top of support (S) that is highlighted by the dotted line. Bar A looks to me like a bit of bag holding, as there was still high volume on that bar and the bar was narrow with a good close. I am thinking that this market is coming back to test the pretty high volume in both the support (S) areas - there seemed to be a lot of activity there.
I think B is an important bar. I wouldn't want to see it close below this low. That wouldn't be very constructive. It could dip below this low, however, close back above, and spring the support area. That would be quite positive, assuming volume remains tame. I don't really know this market -- just dabbling here  but it looks pretty good.
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Eiger-
Thanks for your analysis on the chart. Here is what I'm thinking, and I could be wrong (that's why were here right?) but I see this current slight upward move as a retrace and it building momentum to be able to gain enough "steam" to slam down and break that resistance line. Currently, my analysis is that this is a pullback and that we are finished with "stage one" of the drop, and when this "pullback" finishes we may proceed downward.
Thoughts?
Sledge