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.
The pandemic continues hurting economic activity in China, the war in Ukraine is hitting the entire European economy, and the Fed's efforts to control inflation threaten to trigger a recession.
Great Britain released retail sales data on May 20, 9:00 GMT+3. The reading outperformed expectations greatly (+1.4% actual vs. -0.3% forecast).
Japan's inflation is set to reach 2% in April's reading, for the first time since 2015. But what about the weaker Yen?!
What happened? US stocks ended sharply higher on Thursday, May 27, after a 7-week losing streak…
Next week, we expect the BOC rate statement, the OPEC+ meeting, and the Nonfarm payrolls release. Let's look at the opportunities in detail!
Amazon announced the company is going to make a 1 – 20 stock split on June 3 after the trading session close (23:30 GMT+3).
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