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 'Pennant' pattern
2019-11-11 • Updated
The pair is still consolidating above the Moving Averages. It's likely that the price is going to test the closest support at 1.2706. If a pullback from this level forms next, there'll be time for another upward price movement towards the next resistance at 1.2796 - 1.2814.
The Moving Averages are still acting as support. It seems like there's a local 'Pennant' pattern, which means the market is going to test the nearest support at 1.2706 - 1.2695. Meanwhile, a pullback from this level could lead to a bullish rally in the direction of the last high.
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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