Recap Broken above the resistance zone mentioned last week, leading to immediate reversal to normal upside target of Y+2. Stalled from Y+2 and tried to stay above Y+1 but eventually failed. Closed the week below midpoint.
Outlook The sudden reversal is again euro zone news driven. The weaknesses by end of week indicates Y+1 and above is strong resistance. Consolidation is expected during the last week of the year between Y+1 downto B-1.
Lawrence's Comment
Recap
Pullback to Y-0 without a test of Y+1. Y-0 support sent cable straight back up to Y+1 and cleared it with ease. Y+1 support helped cable higher to tag ...
Lawrence's Comment
Recap
Y-0 support for the 2nd leg up towards Y+2. Failed to push above Y+2 and stalled. Friday event led to fade out to new high before collapsing lower back ...
Lawrence's Comment
Recap
Breakout below Y-1 gave us Y-2 minimal target. Interesting twist from there, however, was the quick rally back upto Y-0 to end the week.
Outlook
Downside breakout failure on weekly ...
GBPUSD Dec 26 to Dec 30 Outlook
Lawrence’s Comment
Broken above the resistance zone mentioned last week, leading to immediate reversal to normal upside target of Y+2. Stalled from Y+2 and tried to stay above Y+1 but eventually failed. Closed the week below midpoint.
Outlook
The sudden reversal is again euro zone news driven. The weaknesses by end of week indicates Y+1 and above is strong resistance. Consolidation is expected during the last week of the year between Y+1 downto B-1.
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