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 "Thorn" pattern
2019-11-11 • Updated
We've got a pullback from the Moving Averages and a bullish "Thorn" pattern, so the price is rising. The main intraday target is resistance at 1.2982 - 1.3006, so if we see a pullback from this area, there'll be an opportunity to have a bearish correction.
The price has broken the local downtrend, but bulls faced resistance at 1.2967. Nevertheless, we're likely going to see the price even higher in the short term. In this case, we should keep in mind the closest resistance at 1.2982 - 1.2991 as the next bullish target. If a pullback from these levels happens, bears will have a green light to deliver a local correction.
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.