Trading Edges That Last
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GBPUSD Oct 13 to Oct 17 Outlook
Lawrence’s Comment
Cable simply bottom out at Y-1 and rallied to Y-0 as expected. Went sideway since and holding the week mid at the time before took off again to tag the pre-break down crime scene. Strong reaction there leading to a steep pullback to 1.60. Closed the week below Y-0 and B-0.
Outlook
Strong reaction to the crime scene above implies lots of trapped long have not been flushed out from the system. Upside will be capped for a while until enough volatile down side actions taking out the longs. It does not translate to much lower price level. Just more 2-way big swings in the card.
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