Trading Edges That Last
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GBPUSD Feb 10 to Feb 14 Outlook
Lawrence’s Comment
Breakout to the downside happened right off the start. Easy play for a slide to below Y-2. Cable never quite tagged Y-3 as it bottomed out above it. Closed the week below Y-1 and above midpoint.
Outlook
Rising wedge back up to test the resistance at Y-1 / B+1. Can be tricky here as the breakdown started quite a bit lower than the initiate 1-2-3 sell neckline.
Looking for FBO against B+1 for a retest of B-1.
All majors have volatility compression indicating potential wild moves that can easily breach the normal boundaries.
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