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' pushed price higher
2019-11-11 • Updated
The last 'Double Bottom' pattern pushed the price higher. The main intraday target is the closest resistance area at 1.2695 - 1.2725. If a pullback from these levels happens next, there'll be a moment for another decline in the direction of the next support at 1.2634 - 1.2588.
There's a local 'V-Bottom' pattern, which has been formed between the Moving Averages. Thus, the pair is likely going to test the nearest resistance at 1.2718 - 1.2732 in the coming hours. Meanwhile, if we have a pullback from this area, bears will probably try to test another support at 1.2588.
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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