GBPUSD Oct 14 to Oct 18 Outlook

By News Robot

Lawrence’s Comment

Recap
The week one for the week again. Pulled back to right below Y-0 and then collapsed down to almost Y-2. Closed the week near week low and below Y-1.

Outlook
As mentioned last week cable can stage a bottom around Y-2 zone because of strength in higher timeframes.

It is getting complex here with the chart patterns.

A fast and decisive bounce to above B-0 will tell us that the drop is a pullback and we should focus on long side until Y+1 is retested again.

A drift back up to B-0 or even B+1 slowly points to further downside is coming. It implies that we are witnessing a higher timeframe reversal to the downside on weekly and monthly.

Bearish scenario stays until invalidated.

Share

  • You must be logged in to comment. Log in