Recap A short squeeze from the bear flag as expected. Cable rushed to Y+3 before it stopped. Such move has no staying power and led to quick drop back down to Y+1. Closed the week near Y+1 and below midpoint.
Outlook Short squeeze done. Weak shorts transferred their positions to the strong ones. Y+2 / B-0 resistance for a drop back down to Y-1 and below.
Lawrence's Comment
Recap
Pulled back to our downside target from last week then consolidate. Retest of Y+1 failed to breakout to the upside.
Outlook
Direction is not established from the test. Hence we ...
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 Sep 22 to Sep 26 Outlook
Lawrence’s Comment
A short squeeze from the bear flag as expected. Cable rushed to Y+3 before it stopped. Such move has no staying power and led to quick drop back down to Y+1. Closed the week near Y+1 and below midpoint.
Outlook
Short squeeze done. Weak shorts transferred their positions to the strong ones. Y+2 / B-0 resistance for a drop back down to Y-1 and below.
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