Pullback as expected. Reacted wildly between 1.61 and 1.60. It is a fight to continue the expansion to the upside – 1.60 is the previous quarter high.
Next week outlook
If the pair is going to change its trend on quarterly, then 1.60 zone will break and turns into resistance. The implication is that GBPUSD will drop to the red zone quickly before anything else can happen.
Before the break happens, the more likely scenario is a continuation of the upside expansion.
So going into breakout mode – must move out of the 1.59 to 1.63 zone for a good run.
Lawrence's Comment
Recap
As mentioned last week, looking for a rally to 1300 and we got that, plus a lot more. 1300 turned into support and helped to send ES ...
Lawrence's Comment
Recap
Beautiful whiplash play from resistance mentioned last week. Breaking support without putting up a fight at all. 200% range expansion. Closed the week below Y-2 and near week low.
...
Lawrence's Comment
Recap
Previous week close support sent ES back up to challenge week high so far. Gap above allowed for Y+1 breakout. Closed the week above Y+1 and midpoint.
Outlook
B+1 ...
Lawrence's Comment
Recap
All eyes on Greece and that have effective frozen cable and euro around where they were closed the week prior. After the last minute deal was done, normal ...
GBPUSD Week of Nov 15th to 19th Outlook
Recap of last week
Pullback as expected. Reacted wildly between 1.61 and 1.60. It is a fight to continue the expansion to the upside – 1.60 is the previous quarter high.
Next week outlook
If the pair is going to change its trend on quarterly, then 1.60 zone will break and turns into resistance. The implication is that GBPUSD will drop to the red zone quickly before anything else can happen.
Before the break happens, the more likely scenario is a continuation of the upside expansion.
So going into breakout mode – must move out of the 1.59 to 1.63 zone for a good run.
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