After completing a substantial 4-week bullish rally, the US Dollar closed last week with a big bearish candle, which has led to a 2.63% decline in US Dollar prices. The million-Dollar question on traders' and investors' minds: is this the start of a US Dollar dump or just a correction?
GBP/USD is still weak
2019-11-11 • Updated
SELL 1.2490; SL 1.2450; SL 1.2515
GBP/USD recovered last week from the 1.2440 area but met resistance around 1.2570 (resistance line from the end of June). The two attempts to overcome this level failed and the pair returned just above 1.25 where it started consolidating. As long as the pound stays above this support, it will retain a chance to continue consolidation and test the further resistance around 1.26 in line with last week’s candlestick that showed the pound wanted to find a base. However, the loss of 1.25 will mean a “double top” and open the way down to 1.2440 once again.
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