Trading Edges That Last
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GBPUSD Feb 25 to Mar 01 Outlook
Lawrence’s Comment
Cable pressed at Y-1 in the beginning of the week and then collapsed on news. This staged a 100% expansion move to the downside. Cable tagged 100% absolute range expansion and bounced since. However it failed to move pass the week midpoint. Closed the week below Y-2 and midpoint.
Outlook
Cable tagged an important monthly price level at B-1. As long as B-1 is not breached for long and holding on daily close basis, there is a good chance of cable testing Y-1 again soon.
The drop at the end of last week was the result of Moody downgrading UK after US stock market close. As we have learned before, these rating firms do not play random. So it is a calculated move to press cable down by end of the week. Was it done to help some friends to cover their shorts near the low? Or, someone like cable at this level so much that they need some liquidity to go long before the weekend?
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