Recap Cable simply bottom out at Y-1 and rallied to Y-0 as expected. Went sideway since and holding the week mid at the time before took off again to tag the pre-break down crime scene. Strong reaction there leading to a steep pullback to 1.60. Closed the week below Y-0 and B-0.
Outlook Strong reaction to the crime scene above implies lots of trapped long have not been flushed out from the system. Upside will be capped for a while until enough volatile down side actions taking out the longs. It does not translate to much lower price level. Just more 2-way big swings in the card.
Lawrence's Comment
Recap
Test of Y+1 failed, giving us Y-1 downside target. Reacted to Y-0 but failed to go higher. Y-1 downside target tagged by the end of the week. Closed the ...
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
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 Oct 13 to Oct 17 Outlook
Lawrence’s Comment
Cable simply bottom out at Y-1 and rallied to Y-0 as expected. Went sideway since and holding the week mid at the time before took off again to tag the pre-break down crime scene. Strong reaction there leading to a steep pullback to 1.60. Closed the week below Y-0 and B-0.
Outlook
Strong reaction to the crime scene above implies lots of trapped long have not been flushed out from the system. Upside will be capped for a while until enough volatile down side actions taking out the longs. It does not translate to much lower price level. Just more 2-way big swings in the card.
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