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-Top' pattern
2019-11-11 • Updated
There's a 'V-Top' pattern, which has been confirmed, so there's an opportunity to have a local downward correction. In this case, we should keep an eye on the nearest support at 1.2814 - 1.2772. If a pullback from this area happens little later on, bulls will probably try to reach another resistance at 1.2946.
The market is consolidating under the previously tested resistance at 1.2927. Also, there're bearish patterns such a 'V-Top' and a 'Double Top'. Thus, the pair is likely going to achieve the 89 Moving Average soon. If this line acts as support, there'll be a green light for an upward price movement towards the last high.
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.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?