Recap As predicted last week, the pair failed to take out the resistance zone and is forced to go lower. The whole week is just 50% of the range established from the week before last week. That is usually what happen when the pair itself has strong upside bias but one side of the pair (in this case USD) is showing signs of major reversal across the board.
Outlook If B-0 is taken out swiftly and turns into support (i.e. 1-2-3 buy off B-0 on hourly is one of the best scenarios), B+1 and then B+2 are in play. If B-1 is taken out and turns into resistance, B-3 is the 1st target.
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
Early in the week failed to push higher, got the pullback to exactly my support and then the rally continued. Closed the week above Y+1 and near week high.
Outlook
Last ...
Lawrence's Comment
Recap
Got the upside breakout we are looking for. Closed the week back down at midpoint above Y-0.
Outlook
Need Y-0 to act as support and rally above Y+1 again. ...
GBPUSD Feb 14 to Feb 18 Outlook
Lawrence’s Comment
As predicted last week, the pair failed to take out the resistance zone and is forced to go lower. The whole week is just 50% of the range established from the week before last week. That is usually what happen when the pair itself has strong upside bias but one side of the pair (in this case USD) is showing signs of major reversal across the board.
Outlook
If B-0 is taken out swiftly and turns into support (i.e. 1-2-3 buy off B-0 on hourly is one of the best scenarios), B+1 and then B+2 are in play.
If B-1 is taken out and turns into resistance, B-3 is the 1st target.
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