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 "Pennant"
2019-11-11 • Updated
The price is consolidating between the levels 1.3032 - 1.3047. Also, there's a "Flag" pattern, so bears are likely going to achieve the closest support at 1.2926 - 1.2951. If a pullback from this area happens, we should keep an eye on the nearest resistance at 1.3013 - 1.3032 as an intraday bullish target.
The 55 Moving Average has acted as resistance, so we've got a "Triple Top" pattern. At the same time, there's a "Pennant", so the market is likely going to test the next support at 1.2926 - 1.2951 in the coming hours. Considering a possible pullback from these levels, there's an option to have a bullish price movement towards resistance at 1.2997 - 1.3013 little later on.
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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