GBPUSD Week of Nov 29th to Dec 3rd Outlook
Recap of last week
Picture perfect test of yellow zone and failed. Red zone tagged the very last day of the week. Closed the week at the low.
Next week outlook
2 extremely different outlooks for cable.
If early in the week GBPUSD bounce back up and that yellow zone turns into support, we have a wyckoff spring against previous month low. That will lift it up to the green zone and then October high quickly.
If yellow zone turns into resistance early in the week, monthly downside range expansion in play. The 50% target at 1.540 – 1.545 (red zone) will be in play. This zone is the top of a much wider price zone that includes previous quarter midpoint, September month low. How GBPUSD reacts to this price zone will dictate the direction in the coming month.