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Recap of Last Week I mentioned that we are looking for many 500 pips swings to come this year in the prior weekly outlook on euro. Here we are, ...READ MORELawrence's Comment Recap The short squeeze scenario played out. The range expanded without any significant retracement. That is a bit surprising. Outlook Still no signs of accumulation and breadth is diverging from the ...READ MOREFor 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 scheduleREAD MORELawrence's Comment Recap Swing violently as expected. The unexpected part was that it is to the downside only. Final flush tagged Y-4 and bounced. Closed the week below Y-3. Outlook Consolidation likely. ...READ MORES&P 500 Dec 05 to Dec 09 OutlookEURUSD Jan 17th to 21th OutlookS&P 500 May 02 to May 06 OutlookS&P 500 Jul 10 to Jul 14 OutlookPrecog Vision – Forex 2013-9-123DP Odds Table (GBPUSD) 2013-03-22Weekly Cycle Projection (GBPUSD) 2016-10-31Dow 30 Oct 17 to Oct 21 OutlookAUDUSD Feb 06 to Feb 10 OutlookGBPUSD Jun 04 to Jun 08 Outlook
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GBPUSD Jan 27 to Jan 31 Outlook
Lawrence’s Comment
As mentioned last week, Y-1 rejected points to down trend invalidated. So this week we got a run back up to Y+1 to see if the other boundary can be taken out. It did. Breakout play pointed to Y+2 and we got that. Funny how BOE chief can just turn the whole thing around suddenly. Closed the week below Y+1 and midpoint.
Outlook
I mentioned last week to expect “wide range consolidation”. We got it. Although how it ended was very dramatic, it is not unexpected that BOE would do something to contain Cable from going higher. This type of actions will continue for at least several months as central bankers duel it out.
This week as B+1 is rejected decisively, cable will be forced to consolidate around Y+1 / B-0. Normal situation it will be capped within Y+2 and Y-0 with decreased range.
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