Recap Cable never even tested Y-0 and held up around Y+1. When BOE talked, all out breakout happened. Normal Y+3 target tagged but it could not stop the run. Closed the week above Y+4 and near week high.
Outlook Last week’s unusual breakout obviously caught many traders on the wrong side. More upside is expected.
Looking for consolidation play around B+1 at 50% range.
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GBPUSD Feb 17 to Feb 21 Outlook
Lawrence’s Comment
Cable never even tested Y-0 and held up around Y+1. When BOE talked, all out breakout happened. Normal Y+3 target tagged but it could not stop the run. Closed the week above Y+4 and near week high.
Outlook
Last week’s unusual breakout obviously caught many traders on the wrong side. More upside is expected.
Looking for consolidation play around B+1 at 50% range.
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