Pullback as expected. Reacted wildly between 1.61 and 1.60. It is a fight to continue the expansion to the upside – 1.60 is the previous quarter high.
Next week outlook
If the pair is going to change its trend on quarterly, then 1.60 zone will break and turns into resistance. The implication is that GBPUSD will drop to the red zone quickly before anything else can happen.
Before the break happens, the more likely scenario is a continuation of the upside expansion.
So going into breakout mode – must move out of the 1.59 to 1.63 zone for a good run.
Lawrence's Comment
Recap
As expected more weaknesses this week and the spike low almost tagged Y-3. Closed the week at exactly the midpoint.
Outlook
Being able to bounce before Y-3 was tagged means ...
Lawrence's Comment
Recap
NQ edged lower below Y-1 but never really stayed below the support level. Took it a week to breakout upside. Closed the week near week high and above Y-0.
Outlook
Whole ...
Recap
Consolidation within 50% of previous week range. No serious attempt to break out of the range at all. Closed the week at midpoint of the week and also near ...
GBPUSD Week of Nov 15th to 19th Outlook
Recap of last week
Pullback as expected. Reacted wildly between 1.61 and 1.60. It is a fight to continue the expansion to the upside – 1.60 is the previous quarter high.
Next week outlook
If the pair is going to change its trend on quarterly, then 1.60 zone will break and turns into resistance. The implication is that GBPUSD will drop to the red zone quickly before anything else can happen.
Before the break happens, the more likely scenario is a continuation of the upside expansion.
So going into breakout mode – must move out of the 1.59 to 1.63 zone for a good run.
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