GBPUSD Oct 06 to Oct 10 Outlook

Recap
Dropped lower as expected. Cable tried to bounce from Y-2 but failed to clear Y-1. That opened the door to Y-3 and below. By end of the week Cable finally gave in and flushed down to Y-4. Closed the week near Y-4 and week low.

Outlook
Dropped to Sep low and below ahead of schedule pointing to further weaknesses short term. Best case scenario for bulls is a slight dip below B-1 and reverse sharply right after. That will give us B-0 to Y-2 in 1 go. But it may likely be the cap of this bounce.

For normal situation, we get a consolidation week around B-1 at 50% range.