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: 34 Moving Average acted as resistance
2019-11-11 • Updated
The 34 Moving Average has acted as resistance. Previously, we had a 'Triple Top' pattern, which led to the current upward price movement. It's likely that the pair is going to test the 55 Moving Average shortly, but even so, we should be ready for another decline towards the nearest support at 1.2784 - 1.2763.
There's another 'V-Top' pattern, but the price is still above the Moving Averages, so we could have a new local high shortly. Nevertheless, there's an opportunity to have a bearish price movement towards 1.2805 - 1.2795 in the coming hours.
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.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
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.
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