GBPUSD May 20 to May 24 Outlook

By News Robot

Lawrence’s Comment

Recap
Downside bias worked out with Y-2 tagged mid week. Bounced off Y-2 and failed to clear Y-1. Closed the week at week low and Y-2.

Outlook
US dollar has strengthen to the point that it is showing up on weekly now. That translate to more weaknesses overall to other currencies. Cable will have a hard time bottoming until US dollar index finds its weekly resistance which is not close by.

This week B-2 is next downside target.

The rare case scenario is that we get a spike low above B-2 and snap back up above B-0, that will force a squeeze back up to Y-0.

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