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Lawrence's Comment Recap Pullback to Y-0 without a test of Y+1. Y-0 support sent cable straight back up to Y+1 and cleared it with ease. Y+1 support helped cable higher to tag ...READ MOREFor more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time scheduleREAD MOREFor more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time scheduleREAD MOREGBPUSD Sep 21 to Sep 25 Outlook3DP Odds Table (GBPUSD) 2017-03-173DP Odds Table (GBPUSD) 2022-06-20Intraday Cycle Projection (GBPUSD) 2012-09-20Intraday Cycle Projection (GBPUSD) 2018-09-07Precog Vision – Forex 2023-5-2Precog Vision – Forex 2019-5-6S&P 500 Oct 04 to Oct 08 Outlook3DP Odds Table (GBPUSD) 2017-02-15Intraday Cycle Projection (GBPUSD) 2019-06-07
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GBPUSD Jan 27 to Jan 31 Outlook
Lawrence’s Comment
As mentioned last week, Y-1 rejected points to down trend invalidated. So this week we got a run back up to Y+1 to see if the other boundary can be taken out. It did. Breakout play pointed to Y+2 and we got that. Funny how BOE chief can just turn the whole thing around suddenly. Closed the week below Y+1 and midpoint.
Outlook
I mentioned last week to expect “wide range consolidation”. We got it. Although how it ended was very dramatic, it is not unexpected that BOE would do something to contain Cable from going higher. This type of actions will continue for at least several months as central bankers duel it out.
This week as B+1 is rejected decisively, cable will be forced to consolidate around Y+1 / B-0. Normal situation it will be capped within Y+2 and Y-0 with decreased range.
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