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' pattern
2019-11-11 • Updated
There's a 'Double Bottom', which has been confirmed, so the market is consolidating. It's likely that the pair is going to test the nearest resistance at 1.3172 - 1.3212 in the coming hours. A pullback from this area could be a starting point for a decline towards the closest support at 1.3055 - 1.3025.
It seems like there's a 'Pennant' pattern. If so, the market is likely going to achieve the next resistance at 1.3172 - 1.3212 within the next few hours. If a pullback from these levels forms little later on, bears will probably try to reach another support at 1.3102 - 1.3055.
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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