Recap Breakout to the downside happened right off the start. Easy play for a slide to below Y-2. Cable never quite tagged Y-3 as it bottomed out above it. Closed the week below Y-1 and above midpoint.
Outlook Rising wedge back up to test the resistance at Y-1 / B+1. Can be tricky here as the breakdown started quite a bit lower than the initiate 1-2-3 sell neckline.
Looking for FBO against B+1 for a retest of B-1.
All majors have volatility compression indicating potential wild moves that can easily breach the normal boundaries.
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
Early in the week a try to drop resulted in 1-2-3 buy. That in turn forced cable to run back up to where the breakdown started around ...
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 Feb 10 to Feb 14 Outlook
Lawrence’s Comment
Breakout to the downside happened right off the start. Easy play for a slide to below Y-2. Cable never quite tagged Y-3 as it bottomed out above it. Closed the week below Y-1 and above midpoint.
Outlook
Rising wedge back up to test the resistance at Y-1 / B+1. Can be tricky here as the breakdown started quite a bit lower than the initiate 1-2-3 sell neckline.
Looking for FBO against B+1 for a retest of B-1.
All majors have volatility compression indicating potential wild moves that can easily breach the normal boundaries.
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