Mini DT led to a quick selloff to month midpoint (the usual stop point for sudden moves, btw). Then staged a 1-2-3 buy, and tagged minimal target at prior week close. Closed the week below midpoint but above prior week low.
Next Week Outlook
Unlike EURUSD, GBPUSD is more bullish overall because it has successfully defended itself from completing the 50% downside range expansion. A retest of previous week low is likely but not necessary.
If the prior week low acts as support and early in the week the pair tags its previous week high area (green zone) then monthly range expansion to the upside is possible.
Key price level to watch is the high of the first week of the month (red zone). If it is broken and turns into resistance, GBPUSD will head to 1.50 area very quickly.
Lawrence's Comment
Recap
A drop to Y-2 before NQ can stop, checked. A squeeze back up to Y-0, checked. NQ was the well behaving one last week. Post FOMC swing up to ...
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
Behaved in very similar fashion like yen, except that Aussie closed above Y-2 and below Y-1.
Outlook
From weekly range tightening up to 3 weeks ago, and then downside expansion ...
I promised several members to write about specific trading techniques for forex. I have not forgotten about that. I have been working on them for some time. Just some more ...
GBPUSD Jan 31th to Feb 4th Outlook
Last Week Recap
Mini DT led to a quick selloff to month midpoint (the usual stop point for sudden moves, btw). Then staged a 1-2-3 buy, and tagged minimal target at prior week close. Closed the week below midpoint but above prior week low.
Next Week Outlook
Unlike EURUSD, GBPUSD is more bullish overall because it has successfully defended itself from completing the 50% downside range expansion. A retest of previous week low is likely but not necessary.
If the prior week low acts as support and early in the week the pair tags its previous week high area (green zone) then monthly range expansion to the upside is possible.
Key price level to watch is the high of the first week of the month (red zone). If it is broken and turns into resistance, GBPUSD will head to 1.50 area very quickly.
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