Trading Edges That Last
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GBPUSD Oct 27 to Oct 31 Outlook
Lawrence’s Comment
As mentioned last week cable was not strong enough to produce a bullish close hence it has to deal with a pullback first. We got the pullback after the rising wedge was broken to the down side. Y-0 tagged and acted as support. Closed the week above Y-0 and near midpoint.
Outlook
Another week attempting to pusher higher yet failed to produce a strong close. This is a clear sign of weakness. Until Y+1 / B-0 turning into support, cable will likely be forced into dumping below B-1.
Should the weekly down trend resumes, B-3 is the next down side target.
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