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: local "Double Top" pattern
2019-11-11 • Updated
There's a consolidation, which is taking place under the nearest resistance at 1.3221. The main intraday target is the closest support at 1.3182 - 1.3150. If we have a pullback from this area, bulls will probably try to reach the 89 Moving Average.
The 89 Moving Average has acted as resistance, so there's a "Double Top" pattern. In this case, the market is likely going to test the 34 MA during the day. Meanwhile, if a pullback from this line happens afterwards, there'll be an option to have an upward price movement in the direction of the next resistance at 1.3221 - 1.3256.
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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