Recap The consolidation to close midpoint the week prior to last week pointed to a retest of Y+1 and that happened right at the beginning of last week. Formed a complex top there leading to a selloff to tag Y-2 and closed the week at midpoint.
Outlook The strong bounce from Y-2 points to rejection of Y-1 down to Y-2 area. As long as this zone acts as support, downside will be limited.
To go higher, Cable must produce a buy formation in B-1 to B-0 so that it can retest B+1 again.
Lawrence's Comment
Recap
FBO last week gave us the drop down to near Y-2 until 100% absolute range expansion was tagged. Closed the week below Y-1 and midpoint.
Outlook
Y-2 / B-1 ...
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Lawrence's Comment
Recap
As the US debt talk crisis continue, USD trashed across all majors. Closed the week at the G8 intervention price level now.
Outlook
Weak but also potential long term bottom ...
Lawrence's Comment
Recap
Bullish scenario unfolded. 50% range of the week prior to last. Closed the week at midpoint and above Y+1.
Outlook
Strongest of the 3 indices. No weaknesses at all so ...
GBPUSD Aug 15 to Aug 19 Outlook
Lawrence’s Comment
The consolidation to close midpoint the week prior to last week pointed to a retest of Y+1 and that happened right at the beginning of last week. Formed a complex top there leading to a selloff to tag Y-2 and closed the week at midpoint.
Outlook
The strong bounce from Y-2 points to rejection of Y-1 down to Y-2 area. As long as this zone acts as support, downside will be limited.
To go higher, Cable must produce a buy formation in B-1 to B-0 so that it can retest B+1 again.
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