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).
Lawrence's Comment
Recap
Breached Y-0 from below early in the week. Simply consolidate around Y-0 since until Friday with a spike move ending the week. Closed the week near week ...
Lawrence's Comment
Recap
Y-0 never acted as support at all as news shock has created wild swings around Y-0. Closed the week close to B-1.
Outlook
Still looking for bullish continuation once B-0 ...
Lawrence's Comment
Recap
Enough people thought that they are so smart in recognizing the Friday prior to lask week as some kind of capitulation, they got themselves into a wild ride ...
GBPUSD Week of Nov 22nd to 26th Outlook
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).
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