Trading Edges That Last
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GBPUSD Aug 26 to Aug 30 Outlook
Lawrence’s Comment
3 Pushes early in the week resulted in a snap back down to below Y+1 and triggered the FBO against Y+1. Tagged Y-0 by end of the week. Weak formation as expected. Closed the week above Y-0 and below midpoint.
Outlook
Still no clear sign whether it is a top in the making on daily or that it is ready to squeeze much higher. Confirmed breakdown on daily requires Cable to clear Y-1 quickly this week. For daytrading purpose, as long as B-0 is not cleared, B-2 in play.
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