GBPUSD Week of Nov 8 – 12 Outlook
Recap of last week
Breakout upside. First 50% upside target of previous week range worked out. The 50% upside target of previous month range was almost tagged and stalled right below.
Next week outlook
Stalled from right below 50% target on monthly implies a test of previous month high at 1.61 in play. Thus the original breakout zone (yellow zone) is now going to determine if the breakout may fail.
The less likely scenario is that if the yellow zone fail to hold up the price, then a quick drop to previous month low becomes very likely.
The more likely scenario is that the test of yellow zone results in another leg up to complete the expansion to the upside.