Recap Pullback below Y-0 early in the week confirmed potential weaknesses. After test of Y+1 and failing to breakout above that, selloff started and dropped down to Y-1 in one go. Stayed sideway the rest of the week between Y-0 and Y-1. Closed the week near Y-0.
Outlook No clear direction at this point.
Consolidation usually leads to continuation of original trend thus it is more likely to retest B+1 at least one more time.
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Lawrence's Comment
Recap
Y-0 never turned into resistance. Euro gapped below that but traded back up above it immediately. Breakout above Y+1 and tagged Y+2. Not quite made it to Y+3 and ...
GBPUSD Nov 07 to Nov 11 Outlook
Lawrence’s Comment
Pullback below Y-0 early in the week confirmed potential weaknesses. After test of Y+1 and failing to breakout above that, selloff started and dropped down to Y-1 in one go. Stayed sideway the rest of the week between Y-0 and Y-1. Closed the week near Y-0.
Outlook
No clear direction at this point.
Consolidation usually leads to continuation of original trend thus it is more likely to retest B+1 at least one more time.
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