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: developing 'Pennant' pattern
2019-11-11 • Updated
The last 'Pennant' pushed the price lower. Meanwhile, it's likely to have a local upward correction. In this case, we should keep an eye on the nearest resistance at 1.2877 - 1.2904 as a possible starting point for another decline.
It seems like we're going to have a 'Pennant' pattern soon. If correct, the pair is going to test the closest resistance at 1.2877 - 1.2904 shortly. If a pullback from these levels forms little later on, there'll be a green light for a bearish price movement in the direction of the next support at 1.2851 - 1.2811.
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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