GBPUSD Week of Nov 1 – 5 Outlook

By Lawrence

Recap of last week

GBP was my favorite pair last week. You can see the reason why from the chart below. It has been behaving very nicely from a 1-2-3 buy off the close of prior week to target area (previous week 50%), then retrace back to the 1-2-3 top zone, and then close at the high of the week. What more can we ask for?


Next week outlook

To have a better perspective of where GBPUSD is going, you have to look at the bigger picture.


Sep and Oct range are projecting their 100% expansion at 1.65 – 1.66 area (red zone). Should the Oct high be taken out and acts as a support area (yellow zone), we will see a quick move towards the projected target.