ONLINE FOREX BROKER
2019-11-11 • Updated
Recommendations:
BUY 1.3 SL 1.2945 TP1 1.31 TP2 1.32 TP3 1.326
SELL 1.27 SL 1.2755 TP1 1.26 TP2 1.257 TP3 1.24
On the daily chart, GBP/USD is trying to consolidate after the April-August decline. The range of 1.27-1.30 is the most likely consolidation range. A break of its lower border will trigger AB=CD pattern with the target at 161.8%. On the other hand, a successful test of resistance at 1.3 will increase the odds of bullish trend resumption.
On H1, if GBP/USD breaks support at 1.26, it will trigger a “Shark” pattern with a target at 88.6%. The further pullback is possible within its transformation into 5-0, so it’s rather dangerous to sell.
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
As you must already know, the direction of Gold is mainly dependent on the Price action of DXY (US Dollar index). So first, we take a look at the US Dollar index.
On January 12, the Bureau of Statistics will publish the Consumer Price Index (CPI) figures, a key index for determining interest rates. While we await the release, experts forecast a decline in the CPI data, a hint at weaker Dollar values in the global markets.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
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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