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.