Recap Bounced back to Y-0 early in the week. Y-0 stopped the bounce and gave us a drop down to new low below Y-1. Stopped going lower before touching downside target of Y-2. Spiked above Y-0 triggered a rally back up. Stopped right after printing 100% absolute range expansion. Closed the week above Y-0.
Outlook 2nd time with very strong reaction right after previous week low was breached. Potential swing bottom in the making.
If cable can clear B+1 quickly, B+2 will be tagged quickly.
As long as B+1 acting as resistance, looking for one more try to tag the Y-1 to B-0 area before cable take off going higher.
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
Total collapse in the beginning of the week. Yet formed a double bottom from there and zoomed back up to previous week close. Failed from there and ...
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 11 to Feb 15 Outlook
Lawrence’s Comment
Bounced back to Y-0 early in the week. Y-0 stopped the bounce and gave us a drop down to new low below Y-1. Stopped going lower before touching downside target of Y-2. Spiked above Y-0 triggered a rally back up. Stopped right after printing 100% absolute range expansion. Closed the week above Y-0.
Outlook
2nd time with very strong reaction right after previous week low was breached. Potential swing bottom in the making.
If cable can clear B+1 quickly, B+2 will be tagged quickly.
As long as B+1 acting as resistance, looking for one more try to tag the Y-1 to B-0 area before cable take off going higher.
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