Recap Another easy play last week. Cable broke out to the upside. Traded above Y+3 as expected. Consolidation around Y+3 since. Closed the week near Y+3 and above midpoint.
Outlook The breakout run has used up its fuel on daily basis. There is still some room to go next week but it will be difficult to go much higher until we see pullback actions.
Consolidation within B+1 and B-0 is normal. A pullback to Y+1 slowly is also normal.
For 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 schedule
With no scary scene and no spike up to challenge previous resistance levels – GBPUSD tagged its downside target for the week. Done with currency trading this week.
GBPUSD Jul 07 to Jul 11 Outlook
Lawrence’s Comment
Another easy play last week. Cable broke out to the upside. Traded above Y+3 as expected. Consolidation around Y+3 since. Closed the week near Y+3 and above midpoint.
Outlook
The breakout run has used up its fuel on daily basis. There is still some room to go next week but it will be difficult to go much higher until we see pullback actions.
Consolidation within B+1 and B-0 is normal. A pullback to Y+1 slowly is also normal.
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