Recap Tagged upside target after bounced off Y-0. That played out as expected. Disappointed, however, that cable failed to hold above Y+1 as support and dropped back down to week low. Closed the week near week low and Y-0.
Outlook The week before last we have rejection of 1.60 which gave us Y+1 and above. Now, it is the opposite – as long as B-0 is acting as resistance, or, if cable dropped quickly below B-1 and that turning into resistance, cable will be forced to drop to B-2 and below.
Sticky situation here as we are also waiting for reactions to US Election results.
Lawrence's Comment
Recap
Consolidation action at support as mentioned last week. FOMC announcement sent ES back down to retest the support zone and it was defended. Short squeeze on Friday finished 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
Lawrence's Comment
Recap
Tight range breakout to the upside. Tagged breakout target of Y+3. Closed the week near Y+3 and week high.
Outlook
Consolidation around B+1 likely until NFP Friday.
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 Nov 05 to Nov 09 Outlook
Lawrence’s Comment
Tagged upside target after bounced off Y-0. That played out as expected. Disappointed, however, that cable failed to hold above Y+1 as support and dropped back down to week low. Closed the week near week low and Y-0.
Outlook
The week before last we have rejection of 1.60 which gave us Y+1 and above. Now, it is the opposite – as long as B-0 is acting as resistance, or, if cable dropped quickly below B-1 and that turning into resistance, cable will be forced to drop to B-2 and below.
Sticky situation here as we are also waiting for reactions to US Election results.
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