GBP/USD: 34 & 55 MA acting as support

GBP/USD: 34 & 55 MA acting as support

2019-11-11 • Updated


The 34 & 55 Moving Averages are acting as support. Nevertheless, the pair is likely going to test the next support at 1.2891 - 1.2853 in the short term. If a pullback from this area happens little later on, we should keep an eye on the nearest resistance at 1.2989 - 1.3021 as an intraday bullish target.


Bears faced with support at 1.2916, so the price is consolidating. Also, there's a "Flag" pattern, so the market is likely going to reach the closest support area at 1.2891 - 1.2872, which could be a departure point for a bullish correction.


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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!

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GBP/USD has managed to rise for the third trading day in a row including today’s Asian session, while the daily technical indicators are moving higher gradually.

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