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 Top' led to decline
2019-11-11 • Updated
The last 'Double Top' led to the current downward price movement. However, there's a 'V-Bottom', so we should watch the nearest resistance at 1.2634 - 1.2661 as an intraday target. This area could be a starting point for another decline in the direction of the next support at 1.2514 - 1.2472.
There's a 'V-Bottom' pattern, which has been confirmed, so the pair is likely going to test the closest resistance at 1.2634 - 1.2661. If a pullback from this target and the Moving Averages happens little later on, bears will probably try to test another support at 1.2506 - 1.2472.
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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