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: bears broke the 'Rising Wedge'
2019-11-11 • Updated
The lower side of the 'Rising Wedge' pattern has been broken, so the pair is likely going to test the nearest support at 1.2606 - 1.2588. Meanwhile, if a pullback from this area happens next, there'll be a moment to have another upward price movement towards the next resistance at 1.2658 - 1.2695.
There's a local 'V-Bottom' pattern, so the pair is moving up. The main intraday target is the closest resistance at 1.2681. At the same time, a pullback from this level could lead to a bearish price movement in the direction of the previously tested support at 1.2617 - 1.2606.
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.
A comparative examination of the strength of the US-Dollar often gives tangible insight into the direction of Gold (XAUUSD). The chart above indicates the expectation of a bullish price reaction from the demand zone
The US Dollar has been remarkably sluggish for the past few weeks despite being within a distinct Demand zone. My expectation of a springing rebound off the demand zone has not exactly played out yet, however, the zone remains unbroken.
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances