GBPUSD Aug 12 to Aug 16 Outlook

Recap
The no bias setup became a breakout play this past week. Cable was trapped at the upper zone mentioned last week. Then the announcement came, cable flushed down to the support zone and zoomed back up. Surprise rally gave us the 100% expansion against the consolidation range. Closed the week above Y+1 and near week high.

Outlook
Surprise jump is just a result of players caught by surprise. Until we get a trend established, it is difficult to say if cable can go higher from here.

A pullback to B-0, the breakout price, or even Y-0, the crime screne, is necessary to tell us if cable is strong enough to start another up leg. Best case scenario is that cable holding B-0 as support where we can look for a run to B+2.

If cable failed to hold Y-0, will be looking for a flush back down to B-2 within 2 weeks.