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 Averages acted as resistance
2019-11-11 • Updated
Moving Averages have acted as resistance, so there's a "Double Top" pattern. Therefore, the market is likely going to test the next support at 1.3763 - 1.3711 in the short term. If a pullback from this area happens little later on, there'll be a moment for a bullish correction.
Bears faced with support at 1.3816, so there's a "Double Bottom" pattern, which has been confirmed. In this case, the pair is likely going to test the nearest Moving Averages, which could act as resistance. If so, we should keep an eye on the closest support at 1.3780 - 1.3754 as the next bearish target.
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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