GBPUSD Week of Nov 1 – 5 Outlook
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.