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: "Double Bottom" pattern
2019-11-11 • Updated
There's a "Double Bottom" pattern, so the market is likely going to reach another resistance at 1.4217 - 1.4277 in the short term. If we have a pullback from these levels, there'll be an opportunity to have a bearish correction.
The 34 Moving Average has acted as support. In this case, we should keep an eye on the next resistance at 1.4233 - 1.4277 as an intraday target. A pullback from this level could be a starting point for a decline.
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.
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?
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