Recap As expected, breaching Y-1 induced buying enough to take out Y-0 quickly. That was the easy part. But then cable failed to push beyond the double bottom target visible on 4 hours. Closed the week above Y-0 and midpoint.
Outlook As long as B-0 acting as support, we have a potential double bottom reversal from 4 hours that gives us a move upto B+2 area. If cable failed to clear Y+1 on 1st test from below, a retest of B-1 will be in play.
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
Lawrence's Comment
Recap
Consolidation in our prescribed range most of the week until Fed announcement took place. Then all out short squeeze started until 100% absolute range expansion reached by ...
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
GBPUSD Jun 03 to Jun 07 Outlook
Lawrence’s Comment
As expected, breaching Y-1 induced buying enough to take out Y-0 quickly. That was the easy part. But then cable failed to push beyond the double bottom target visible on 4 hours. Closed the week above Y-0 and midpoint.
Outlook
As long as B-0 acting as support, we have a potential double bottom reversal from 4 hours that gives us a move upto B+2 area. If cable failed to clear Y+1 on 1st test from below, a retest of B-1 will be in play.
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