Recap Upside breakout of Y+1 confirmed the bullish scenario with Y+2 tagged. Consolidation since. Closed the week near Y+2 and above midpoint.
Outlook Rising wedge potential means a break of the support line will easily send cable back down to B-1. Cable is entering the highest risk time window now as Brexit vote is too close to ignore. Beware of news shock everyday.
Lawrence's Comment
Recap
Got the pullback as expected. Found support from previous breakout area. Closed the week near Y-0.
Outlook
More consolidation / pullback until the multiple weeks rally is absorbed.
Gaps ...
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
Lawrence's Comment
Recap
Y-0 did not act as resistance giving way to a test of Y+1. 100% absolute range expansion completed right before FOMC announcement. Strong reaction after and sent ES back ...
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 May 02 to May 06 Outlook
Lawrence’s Comment
Upside breakout of Y+1 confirmed the bullish scenario with Y+2 tagged. Consolidation since. Closed the week near Y+2 and above midpoint.
Outlook
Rising wedge potential means a break of the support line will easily send cable back down to B-1. Cable is entering the highest risk time window now as Brexit vote is too close to ignore. Beware of news shock everyday.
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