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 broke key support level 1.0950
2019-11-11 • Updated
- GBP/USD broke key support level 1.0950
- Next sell target - 1.2800
GBP/USD continues to fall after the recent breakout of the key support level 1.0950 (which has reversed the price multiple times from the middle of September, as can be seen from the daily GBP/USD chart below). The breakout of the support level 1.0950 accelerated the active short-term impulse wave 3 of the medium-term impulse (3) from the start of June. GBP/USD is expected to fall further toward the next sell target at the next support level 1.2800 (target price for the completion of the active impulse wave 3).
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.
The past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.
Amid concerns of a Chinese economic slowdown, reports of declining investment often overlook China's efficient investment strategy in emerging sectors for long-term growth. China has taken measures to stabilize foreign and private sector investments, like reducing the reserve requirement ratio to boost investor confidence.