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: confirmed 'Double Bottom'
2019-11-11 • Updated
There's a confirmed 'Double Bottom', so we're likely going to have an upward correction in the short term. The main target is the nearest resistance at 1.2870 - 1.2896. A pullback from this area could be a starting point for another decline towards the next resistance at 1.2776 - 1.2753.
We've got a 'V-Bottom', which has been confirmed by the last 'Flag' pattern. In this case, it's likely that the pair is going to test the closest important resistance at 1.2870 - 1.2896. If a pullback from these levels happens next, there'll be time for a decline in the direction of another support at 1.2784 - 1.2776.
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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Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!