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" pattern
2019-11-11 • Updated
Bulls faced resistance at 1.3137, so there's a "Double Top" pattern, which pushed the price to support at 1.3057. It's likely that bears are going to reach another support at 1.3029 in the short term. Meanwhile, if a pullback from this level arrives afterwards, there'll be an option to have an upward price movement in the direction of the nearest resistance at 1.3158 - 1.3184.
The price is consolidating above support at 1.3057. At the same time, there's a "Pennant" pattern, so the market is likely going to achieve the next support 1.3029 during the day. If a pullback from this level happens, we should keep an eye on the next resistance as an intraday target.
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.
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Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!