
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!
2019-11-11 • Updated
The last 'Double Top' led to the current decline. The main intraday target is the next support at 1.2763 - 1.2722. If a pullback from this area happens next, there'll be a moment for a bullish correction in the direction of the nearest resistance at 1.2880 - 1.2911.
The 34 Moving Average has acted as resistance. It's likely that the pair is going to test the closest resistance at 1.2870 - 1.2880 during the day. A pullback from these levels could be a departure point for a decline towards the next support at 1.2763 - 1.2722.
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!
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.
Discover the outlook for EUR/USD, EUR/GBP, and GBP/USD.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
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