Recap Cannot clear previous week close and led to all out selloff down to Y-3 target. Bounced from Y-3 and tested Y-1 from below. Closed the week below Y-1 and above midpoint.
Outlook As long as Y-1 is capping Cable B-1 will be retested.
Due to the flush low nature last week, a more complex pullback can be in the making with Y-2 / 1.54 being the support to kick start an up drift to challenge B+1 and then Y-0 in coming weeks.
Lawrence's Comment
Recap
3rd leg down resulted in a fight to defend of Y-1 which eventually led to a run for Y-0 test after Mrs. Yellen's comments. Since 2nd swing low was ...
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
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 Jul 13 to Jul 17 Outlook
Lawrence’s Comment
Cannot clear previous week close and led to all out selloff down to Y-3 target. Bounced from Y-3 and tested Y-1 from below. Closed the week below Y-1 and above midpoint.
Outlook
As long as Y-1 is capping Cable B-1 will be retested.
Due to the flush low nature last week, a more complex pullback can be in the making with Y-2 / 1.54 being the support to kick start an up drift to challenge B+1 and then Y-0 in coming weeks.
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