Did the news "work" ?

Looking at the movement I would have to say no. The news came out at 02:30 PST. The GBP had been trending short for 2.5 hours before the news came out. The forecasted news was worse than expected which should push the currency shorter,  yet it went into a sidesways/long corrective movement. The reason? Simple wave 3 was over and it was time to make wave 4. Once wave 4 was over it could continue on with its existing short trend to make wave 5. Download the free ebook and see what other myths are wrecking your trading.