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GBPUSD Oct 14 to Oct 18 Outlook
Lawrence’s Comment
The week one for the week again. Pulled back to right below Y-0 and then collapsed down to almost Y-2. Closed the week near week low and below Y-1.
Outlook
As mentioned last week cable can stage a bottom around Y-2 zone because of strength in higher timeframes.
It is getting complex here with the chart patterns.
A fast and decisive bounce to above B-0 will tell us that the drop is a pullback and we should focus on long side until Y+1 is retested again.
A drift back up to B-0 or even B+1 slowly points to further downside is coming. It implies that we are witnessing a higher timeframe reversal to the downside on weekly and monthly.
Bearish scenario stays until invalidated.
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