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: consolidation along the MA
2019-11-11 • Updated
There's a developing "Rising Wedge", so the price faced resistance on the 34 Moving Average. In this case, the pair is likely going to decline towards support at 1.2738 - 1.2705. At the same time, if we see a pullback from these levels, there'll be an open door for another upward price movement towards resistance at 1.2768 - 1.2793.
The price is consolidating along the Moving Averages. It seems like bulls are likely going to test the 89 Moving Average. If we see a pullback from this line, bears will probably try to achieve the next support at 1.2738 - 1.2705.
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.
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