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 resistance area
2019-11-11 • Updated
- GBP/USD broke resistance area
- Next buy target - 1.4000
GBP/USD recently broke through the resistance area lying between the resistance levels 1.3550 (top of the previous minor impulse wave 1) and 1.3670 (which stopped the previous impulse wave (1) in September). The breakout of this resistance area accelerated the active impulse waves 3 and (iii). GBP/USD is expected to rise to the next buy target at the next resistance level 1.4000 (intersecting with the resistance trendline of the daily up channel from June).
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.