Recap Popped higher upon open of the week, then flushed below Y-0 and my sell trigger was in place. Struggled around Y-1 for a while and eventually dropped to my target Y-2. Closed the week below Y-2 and at week low.
Outlook As mentioned last week, the moment cable dropped below Y-0 the downside target was Y-2. This move confirmed the daily downtrend is intact and it will be difficult to trade against the trend until B-0 turning into support.
Next week looking for some more downside and then consolidation.
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
GBPUSD Jan 21 to Jan 25 Outlook
Lawrence’s Comment
Popped higher upon open of the week, then flushed below Y-0 and my sell trigger was in place. Struggled around Y-1 for a while and eventually dropped to my target Y-2. Closed the week below Y-2 and at week low.
Outlook
As mentioned last week, the moment cable dropped below Y-0 the downside target was Y-2. This move confirmed the daily downtrend is intact and it will be difficult to trade against the trend until B-0 turning into support.
Next week looking for some more downside and then consolidation.
Share