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: "Pennant" led to bullish rally
2019-11-11 • Updated
The last “Wedge” has been broken, so the price faced a resistance at 1.2557. Therefore, the market is likely going to test the nearest resistance at 1.2595 – 1.2614. If a pullback from this area happens, bears will probably try to achieve a support at 1.2522 – 1.2506.
The price has been rising since the last “Pennant” was broken. Considering a pullback from the nearest resistance at 1.2557, the market is likely going to test a support at 1.2537 – 1.2522. However, if a pullback from these levels be on the table, there’ll be an opportunity to have a new local 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.
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.