GBPUSD Aug 15 to Aug 19 Outlook

Recap
The consolidation to close midpoint the week prior to last week pointed to a retest of Y+1 and that happened right at the beginning of last week. Formed a complex top there leading to a selloff to tag Y-2 and closed the week at midpoint.

Outlook
The strong bounce from Y-2 points to rejection of Y-1 down to Y-2 area. As long as this zone acts as support, downside will be limited.

To go higher, Cable must produce a buy formation in B-1 to B-0 so that it can retest B+1 again.