Recap Cable found support at Y-0 for a test of Y+1. Y+1 resistance on first try and sent cable back down to Y-0. Second attempt at Y+1 led to FBO and sent cable back down to week low. Closed the week near Y-0 and below midpoint.
Outlook Reversal attempt on daily level failed. 4 Hour up channel / bear flag last week points to retest of Y-1 in the making. As long as B-0 / Y-0 zone acting as resistance B-2 in play.
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
Lawrence's Comment
Recap
Gap down to Y-1 right off the start of the week. Failed to fill the gap above on first try and flushed to below Y-1. Then everything reversed ...
I have been talking about this in my real-time chatroom for quite sometime and many people email me for the specifics. Here is an introduction of market breadth on forex ...
GBPUSD Feb 01 to Feb 05 Outlook
Lawrence’s Comment
Cable found support at Y-0 for a test of Y+1. Y+1 resistance on first try and sent cable back down to Y-0. Second attempt at Y+1 led to FBO and sent cable back down to week low. Closed the week near Y-0 and below midpoint.
Outlook
Reversal attempt on daily level failed. 4 Hour up channel / bear flag last week points to retest of Y-1 in the making. As long as B-0 / Y-0 zone acting as resistance B-2 in play.
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