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 'V-Bottom'
2019-11-11 • Updated
There's a 'V-Bottom' pattern, which has been confirmed, so the price is likely going to test the nearest resistance at 1.2882 - 1.2921 within the next few hours. The following pullback from this area could be a starting point for another decline in the direction of the closest support at 1.2753 - 1.2728.
The 34 Moving Average has acted as resistance. Nevertheless, bulls are likely going to reach the next resistance at 1.2921 and the 89 Moving Average shortly. If a pullback from these levels happens little later on, there'll be a green light for a downward price movement towards the last 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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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!