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: another 'V-Bottom' pattern
2019-11-11 • Updated
There's another 'V-Bottom' pattern, so the price is consolidating. Even so, we're likely going to have a new local low soon. In this case, we should watch the nearest support at 1.2695 - 1.2661 as an intraday target. The subsequent pullback from this area could lead to an upward correction.
We've got a 'Double Bottom', but the market is moving sideways. It's likely that the pair is going to reach another support at 1.2711 - 1.2695 in the coming hours. If a pullback from this area formes next, there'll be time for a bullish correction.
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.
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?