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.
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.
The views here are solely based on Technical Analysis techniques using my personal Smart Money approach. Hence, it is important to understand that the trading of CFDs comes at a risk; if not properly managed, you may lose all of your trading capital. To avoid costly mistakes while you look to trade these opportunities, be sure to do your own due diligence and manage your risk appropriately.