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: bulls going to test 89 MA
2019-11-11 • Updated
There's a "Double Bottom", which pushed the price towards resistance at 1.2705. In this case, the market is likely going to reach the nearest resistance at 1.2705 - 1.2757. Meanwhile, if a pullback from this area happens, we should keep an eye on the next support at 1.2581 - 1.2514 as a bearish intraday target.
The 55 Moving Average has acted as resistance, so we've got a "V-Top" pattern on this line. However, bulls are likely going to test the 89 MA in the coming hours. If we see a pullback from this line, bears will probably try to deliver a new local low.
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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