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: 'Bull Trap' led to a new low
2019-11-11 • Updated
The last 'Flag' led to form a new local low. It's likely that the market is going to test the next support at 1.2665 - 1.2614. However, if a pullback from these levels arrives little later on, bulls will probably try to achieve the closest resistance between the levels 1.2722 - 1.2773.
There's a 'Bull Trap', which pushed the price lower. However, we've got a 'V-Bottom', so the pair is likely going to reach the 55 Moving Average. If this line acts as resistance next, there'll be a moment to have a decline in the direction of another support at 1.2665 - 1.2614.
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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