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GBPUSD Feb 27 to Mar 02 Outlook
Lawrence’s Comment
Unlike euro that has ECB defending the price level in the beginning of the week, cable was falling normally as expected back down to Y-1. Then the breakout of euro to the upside dragged cable up. Closed the week above Y+1.
Outlook
As long as Y+1 acts as support, we have a double bottom in place with upside target Y+3.
If it is proven to be false breakout, meaning that we see cable dropped back under Y+1, then Y-1 will be in play again.
Very much a news driven market affected by euro zone crisis. Daytrading the pair is easier for now.
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