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 closest resistance
2019-11-11 • Updated
There's a developing "Rising Wedge". The price is testing the lower side of this pattern. So, the pair is likely going to test support at 1.2705 - 1.2678. Meanwhile, if a pullback from this area arrives, we should keep an eye on the next resistance at 1.2768 - 1.2793 as an intraday target.
The price is consolidating right under the broken "Wedge". In this case, bulls are likely going to test the closest resistance at 1.2768. If a pullback from this level happens, there'll be an opportunity to have a decline towards the next support at 1.2690 - 1.2672.
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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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.