Recap Cable took out Y+2 as expected and stalled at 100% absolute range expansion. 1-2-3 sell on 4 hour sent cable back to where it started. Closed the week below Y+1 and near week low.
Outlook V-shape reversal against the monthly level resistance zone implies the resistance zone is a very strong one. B-0 and above now resistance until proven otherwise. A drop to B-2 is in play.
Lawrence's Comment
Recap
Equal distance consolidation off open of the week. 1-2-3 buy off round # 0.745 sent Aussie back up to Y-0 / round # 0.760. Closed the week below Y-0 ...
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GBPUSD May 04 to May 08 Outlook
Lawrence’s Comment
Cable took out Y+2 as expected and stalled at 100% absolute range expansion. 1-2-3 sell on 4 hour sent cable back to where it started. Closed the week below Y+1 and near week low.
Outlook
V-shape reversal against the monthly level resistance zone implies the resistance zone is a very strong one. B-0 and above now resistance until proven otherwise. A drop to B-2 is in play.
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