As expected, range contracted significantly to just 50% of the prior week. A new low is printed without expansion into 50% downside expansion target zone (red zone). A bounce to yellow zone had failed to take out the resistance and closed the week below midpoint.
Next Week Outlook
As last week failed to close above the yellow zone, it is more likely for the pair to stay within a tight range below the yellow zone from last week. Once 2010 is over, the red zone below should be breached quickly.
Lawrence's Comment
Recap
Sideway actions as expected. 50% range all week. Closed the week below Y-0 and midpoint.
Outlook
Compression gives us breakout mode. Potential slingshot move with Y-1 being retested first ...
GBPUSD Dec 27th to Dec 31st Outlook
Recap of Last Week
As expected, range contracted significantly to just 50% of the prior week. A new low is printed without expansion into 50% downside expansion target zone (red zone). A bounce to yellow zone had failed to take out the resistance and closed the week below midpoint.
Next Week Outlook
As last week failed to close above the yellow zone, it is more likely for the pair to stay within a tight range below the yellow zone from last week. Once 2010 is over, the red zone below should be breached quickly.
Share