GBPUSD May 27 to May 31 Outlook

By News Robot

Lawrence’s Comment

Recap
Y-0 acted as resistance, gave us a good run down to Y-2 target mentioned last week. Found support there and bounced back up. Closed the week below Y-1 and midpoint.

Outlook
The easy one from last week will turn into something more sticky here.

Mentioned many times here that for some reason 1.50 is a magic number that cable loves to tag but the reaction is not the same every time. It is difficult to predict how cable will react there as it is right below B-1 now. If you are uncomfortable with volatility, avoid cable this week.

Normal scenario is that a spike low against B-1 (and also 1.50) early in the week will give cable an excuse to jump back up to B+1.

Without that we usually get another leg down to B-2.

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