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: Moving Average waiting for bears
2019-11-11 • Updated
The price faced a support at 1.2506, so there’s a consolidation, which is taking place on the four-hours chart. Therefore, the pair is likely going to test the 34 Moving Average, which could be a departure point for an upward correction towards a resistance at 1.2595 – 1.2614.
The 34 Moving Average has acted as a support, so the price is consolidating. In this case, bears are likely going to reach the 55 Moving Average during the day. If a pullback from this line be on the table, there’ll be an opportunity to have a new local high. The main bullish target is a resistance at 1.2573 – 1.2595.
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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