Recap Popped higher upon open of the week, then flushed below Y-0 and my sell trigger was in place. Struggled around Y-1 for a while and eventually dropped to my target Y-2. Closed the week below Y-2 and at week low.
Outlook As mentioned last week, the moment cable dropped below Y-0 the downside target was Y-2. This move confirmed the daily downtrend is intact and it will be difficult to trade against the trend until B-0 turning into support.
Next week looking for some more downside and then consolidation.
Lawrence's Comment
Recap
No test of Y-0 from above at all, just gap and blow thru the Y+1 resistance. Forced a breakout to 100% expansion target of Y+3. Closed the ...
GBPUSD Jan 21 to Jan 25 Outlook
Lawrence’s Comment
Popped higher upon open of the week, then flushed below Y-0 and my sell trigger was in place. Struggled around Y-1 for a while and eventually dropped to my target Y-2. Closed the week below Y-2 and at week low.
Outlook
As mentioned last week, the moment cable dropped below Y-0 the downside target was Y-2. This move confirmed the daily downtrend is intact and it will be difficult to trade against the trend until B-0 turning into support.
Next week looking for some more downside and then consolidation.
Share