Recap Got the bearish action I was looking for right from the start of the week. Took 2 tries though before cable breaks its support. Dropped to Y-3 by end of the week. Closed the week above Y-3 and below midpoint.
Outlook Rejected B+1 / Y+1 with a slightly lower high. Will be difficult for cable to go back above B-0 for some time. Consolidation around or below B-1 with downside bias towards tagging at least Y-4.
GBPUSD May 13 to May 17 Outlook
Lawrence’s Comment
Got the bearish action I was looking for right from the start of the week. Took 2 tries though before cable breaks its support. Dropped to Y-3 by end of the week. Closed the week above Y-3 and below midpoint.
Outlook
Rejected B+1 / Y+1 with a slightly lower high. Will be difficult for cable to go back above B-0 for some time. Consolidation around or below B-1 with downside bias towards tagging at least Y-4.
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