Trading Edges That Last
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GBPUSD Aug 01 to Aug 05 Outlook
Lawrence’s Comment
Rally as expected. Ended mid way from our 2 upside targets. Tight range and closed the week above midpoint.
Outlook
Potential 3 pushes up. A break below B-1 will confirm and that will put Y-0 / B-2 in play. Not much room for the short bias so not a good setup to jump on board.
The less likely scenario of a quick breakout to the upside above B+1, however, points to Y+3 / B+3 which is more tradable.
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