Trading Edges That Last
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GBPUSD Sep 28 to Oct 02 Outlook
Lawrence’s Comment
News shock sent cable back down to Y-1 and 100% range expansion. Stops were triggered and led to further downside to Y-2 before support is found. Closed the week near Y-2 and week low.
Outlook
Wide range week reversal is bearish but we cannot rule out the potential of a strong bounce before further downside is developed. Y-1 / B-0 strong resistance. New low against B-1 likely.
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