Recap Cable zoomed back up and held my support zone. That gave us a go for the Y+1 and above play. Cable zoomed higher later in the week. Closed the week above Y+1 and midpoint.
Outlook Price actions last week having spikes everywhere usually happens before a significant run is about to emerge. Any price shock, no matter news driven or not, that breach B+2 or B-2, will be a sign that the breakout is in place and it will not be a good idea to counter the move.
If the market behaves normally next week, cable should be range bounded between Y+2 and B-0.
Lawrence's Comment
Recap
Tested Y+1 alright. Failed at once forcing the pair back down to Y-1. Y-1 failed to act as support opening the door to selling off down to ...
GBPUSD Sep 09 to Sep 13 Outlook
Lawrence’s Comment
Cable zoomed back up and held my support zone. That gave us a go for the Y+1 and above play. Cable zoomed higher later in the week. Closed the week above Y+1 and midpoint.
Outlook
Price actions last week having spikes everywhere usually happens before a significant run is about to emerge. Any price shock, no matter news driven or not, that breach B+2 or B-2, will be a sign that the breakout is in place and it will not be a good idea to counter the move.
If the market behaves normally next week, cable should be range bounded between Y+2 and B-0.
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