Trading Edges That Last
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Lawrence's Comment Recap Up drift all week back to the crime screne after previous week close defended. Closed the week above Y-0 and midpoint. Outlook Inside week like the other majors. Bear ...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 MOREIntraday Cycle Projection (GBPUSD) 2022-01-07USDCAD Feb 21 to Feb 25 OutlookUSDCAD May 29 to Jun 02 OutlookIntraday Cycle Projection (GBPUSD) 2022-04-01Weekly Cycle Projection (GBPUSD) 2013-08-26Precog Vision – Forex 2016-2-26Precog Vision – Forex 2019-1-21USDJPY Mar 28 to Apr 01 Outlook3DP Odds Table (GBPUSD) 2017-05-02Precog Vision – Forex 2017-10-9
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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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