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: bullish "Pennant"
2019-11-11 • Updated
The price is consolidating between the levels 1.2911 – 1.2774. Also, we’ve got a “Pennant”, so the market is likely going to achieve the closest resistance at 1.2911 – 1.2945 in the short term. If we see a pullback from this area, there’ll be an opportunity to have a bearish correction in the direction of the nearest support at 1.2774 - 1.2727.
There’s a consolidation, which is taking place between the nearest resistance at 1.2865 and the 34 Moving Average. At the same time, we’ve got a “Pennant” pattern, so bulls are likely going to test the next resistance at 1.2900 – 1.2911. However, if a pullback from these levels be on the table, bears will probably try to reach the 55 Moving Average.
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.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
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