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: "Exhaustion Gap" closed
2019-11-11 • Updated
The last “Exhaustion Gap” has been closed, so we’ve got a “V-Top” pattern. Therefore, the pair is likely going to test the closest support at 1.2856 – 1.2816 in the short term. If we see a pullback from this area, there’ll be a chance to have a local upward price movement towards a resistance at 1.2913 – 1.2945.
There’s a “V-Top” pattern, which has been formed under a resistance at 1.2945. The 34 Moving Average is acting as a support. Therefore, the pair is likely going to decline in the direction of the closest support at 1.2865 – 1.2844. If a pullback from these levels be on the table, we should keep an eye on a resistance at 1.2865 – 1.2900 as a possible bullish target.
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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