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: bearish "Flag"
2019-11-11 • Updated
The 34 Moving Average has acted as resistance, so there's a "V-Top" pattern, which has confirmation. In this case, the pair is likely going to test the next support at 1.2705 - 1.2678. However, if a pullback from this area happens, there'll be a green light for another bullish price movement.
We've got a "Triple Top" pattern, which has been confirmed, so the price is consolidating. Meanwhile, there's a bearish "Flag", so the market is likely going to test the closest support at 1.2705 - 1.2672. If we have a pullback from these levels, bulls will probably try to test the 55 Moving Average.
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.
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.
The views here are solely based on Technical Analysis techniques using my personal Smart Money approach. Hence, it is important to understand that the trading of CFDs comes at a risk; if not properly managed, you may lose all of your trading capital. To avoid costly mistakes while you look to trade these opportunities, be sure to do your own due diligence and manage your risk appropriately.