Recap As expected, Cable has more upside to go and that played out last week. A directional squeeze up to Y+2 near 1.7 finally produced an exhaustion. Cable weaken since and then collapsed when it failed to hold Y+1. Closed the week near Y-0 and week low.
Outlook Weekly reversal in place. As long as Y+1 is holding cable down, looking for more down side with first target below B-2.
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Lawrence's Comments
Recap
As mentioned during the week in real-time commentaries, this pair tagged its upside target at Y+3 and a retest of Y+1 was due. Right before the week ...
GBPUSD May 12 to May 16 Outlook
Lawrence’s Comment
As expected, Cable has more upside to go and that played out last week. A directional squeeze up to Y+2 near 1.7 finally produced an exhaustion. Cable weaken since and then collapsed when it failed to hold Y+1. Closed the week near Y-0 and week low.
Outlook
Weekly reversal in place. As long as Y+1 is holding cable down, looking for more down side with first target below B-2.
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