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GBPUSD Sep 26 to Sep 30 Outlook
Lawrence’s Comment
No bounce from Y-1. Re-entered the down channel and collapsed to Y-5 before the pair can find any support at all.
Outlook
Down channel re-enforced itself on the pair again and this time resulted in overshooting to the downside.
Divergence low or exhaustion low usually comes off this kind of setup. Thus short side should watch out for sudden high power short squeeze.
If there is a bounce coming, it is likely coming off a retest of B-1 and the initial target is Y-2.
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