Trading Edges That Last
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GBPUSD Mar 16 to Mar 20 Outlook
Lawrence’s Comment
Cable failed to hold Y-1 as expected and dropped to the target zone mentioned last week. It failed to bounce above Y-1, hence the down trend continued until 100% absolute range expansion was reached. Closed the week below Y-2 and near week low.
Outlook
Similar to last week, cable will have a chance to stop its fall if it can make a snap back from the next target zone. This time it will be Y-3 and above Y-4. A spike low from there will allow cable to consolidate around B-1 and the potential to drift back up to B-0.
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