GBPUSD Week of Nov 22nd to 26th Outlook

By Lawrence

Recap of last week

Monthly structural price levels came into play. Failed in beginning of the week to hold above monthly initiation mid point + previous month high gave us a drop to previous month midpoint. Bounced off that to retest previous month high and failed. Closed the week below weekly midpoint.


Next week outlook

Confirmed weaknesses on weekly, closed below previous month close, etc. points to a quick run down to previous month low (red zone). A low probability setup of breaking above previous month high + previous month close area (yellow zone) will lead to a short squeeze type of action to retest current month high (green zone).