Recap The less likely scenario happened after a quick break below Y-1, cable bounced back above that quickly. That set the stage to rally back to Y+1. We almost got that by end of the week. Closed the week near the high and above Y-0.
Outlook The downtrend on 4 hours is broken. That turns Y-1 to B-0 into a strong support zone.
More upside is expected as long as cable trades at or above the support zone.
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 page
Trading 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
Lawrence's Comment
Recap
Y-0 resistance gave us a drop to Y-1 support area. Support breached with a bounce that failed to clear the former support. Closed the week below Y-1 and near ...
GBPUSD Mar 19 to Mar 23 Outlook
Lawrence’s Comment
The less likely scenario happened after a quick break below Y-1, cable bounced back above that quickly. That set the stage to rally back to Y+1. We almost got that by end of the week. Closed the week near the high and above Y-0.
Outlook
The downtrend on 4 hours is broken. That turns Y-1 to B-0 into a strong support zone.
More upside is expected as long as cable trades at or above the support zone.
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