Recap As expected, breaching Y-1 induced buying enough to take out Y-0 quickly. That was the easy part. But then cable failed to push beyond the double bottom target visible on 4 hours. Closed the week above Y-0 and midpoint.
Outlook As long as B-0 acting as support, we have a potential double bottom reversal from 4 hours that gives us a move upto B+2 area. If cable failed to clear Y+1 on 1st test from below, a retest of B-1 will be in play.
Lawrence's Comment
Recap
Was consolidating until BOC surprised the world with a rate cut. Surprise breakout target of 200% range expansion tagged by the end of the week. Closed the week above ...
Lawrence's Comment
Recap
A dirty top was formed after the breakout attempt late in the week failed and resulted in a 1-2-3 sell sending the pair down to Y-2. Closed the ...
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 Jun 03 to Jun 07 Outlook
Lawrence’s Comment
As expected, breaching Y-1 induced buying enough to take out Y-0 quickly. That was the easy part. But then cable failed to push beyond the double bottom target visible on 4 hours. Closed the week above Y-0 and midpoint.
Outlook
As long as B-0 acting as support, we have a potential double bottom reversal from 4 hours that gives us a move upto B+2 area. If cable failed to clear Y+1 on 1st test from below, a retest of B-1 will be in play.
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