Recap Nothing happened to Euro, so cable stayed there in consolidation. Y+1 resistance sent cable back down to Y-0 and then it took off to new high. Equal distance from previous week close capped the upside move. Closed the week above Y-0 and near midpoint.
Outlook Consolidation with Y-0 defended implies strength. Another push to retest B+1 is likely. B-1 support if breached will send cable back down to B-2.
GBPUSD Feb 23 to Feb 27 Outlook
Lawrence’s Comment
Nothing happened to Euro, so cable stayed there in consolidation. Y+1 resistance sent cable back down to Y-0 and then it took off to new high. Equal distance from previous week close capped the upside move. Closed the week above Y-0 and near midpoint.
Outlook
Consolidation with Y-0 defended implies strength. Another push to retest B+1 is likely. B-1 support if breached will send cable back down to B-2.
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