Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
EUR/GBP broke key support level 0.8900
2019-11-11 • Updated
- EUR/GBP broke key support level 0.8900
- Next sell target - 0.8850
EUR/GBP recently broke below the key support level 0.8900 (former resistance from the start of July, which was set as the sell target in our previous forecast for this currency pair). EUR/GBP is expected to fall further in the active minor correction (iv) toward the next sell target at the next support level 0.8850 (38.2% Fibonacci correction of the upward impulse from May).
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Let's dive into the latest developments shaping the global economic landscape. Good news first: the threat of an unprecedented US debt crisis has receded, as US lawmakers passed a bill to raise the debt ceiling and avoid a catastrophic default. Phew! But don't pop the champagne just yet, because storm clouds are still looming. High inflation, rising interest rates, and sluggish growth are challenges that have yet to disappear.
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Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.