GBPUSD Dec 20th to Dec 24th Outlook
Recap of Last Week
Rally to prior week high, trapped in between yellow zone and green zone as mentioned last week, and then selloff to target red zone. A bounce to prior week low followed by continuation selloff to 2x prior week range. Another textbook setup that worked out perfectly.
Next Week Outlook
Coming week is holiday trading thus it will be hard to get real follow thru even though the pair is pointing to a break below 1.54. Should yellow zone (last week low) acts as support, the price will likely trade within a tight range between yellow zone and green zone (midpoint of last week). A break below yellow zone points to 50% downside expansion target (red zone) will be tagged quickly.