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
There's a downward "Wedge", so the market is likely going to decline towards the nearest support at 1.3328 - 1.3278. If a pullback from this area happens little later on, there'll be an opportunity to have an upward price movement in the direction of the closest resistance at 1.3444 - 1.3479
We've got a consolidation, which is taking place under the 34 Moving Average. Also, there's a "Pennant", so bears are likely going to decline towards the next support at 1.3328 - 1.3278. Meanwhile, if a pullback from these levels arrives afterwards, bulls will try to test the nearest resistance at 1.3374 - 1.3404.
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?