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.