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.
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