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 has been broken
2019-11-11 • Updated
The main trend is still bullish. Also, the 55 Moving Average is acting as support. Nevertheless, the market is likely going to test the next support at 1.4144 - 1.4119, which could be a starting point for a bullish price movement.
The last 'Pennant' pattern has been broken. So, the pair is likely going to test the closest support at 1.4144 - 1.4119 in the coming hours. Meanwhile, if a pullback from this area happens a little later on, bulls will probably try to reach the nearest resistance at 1.4230 - 1.4243.
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.
The past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.
Amid concerns of a Chinese economic slowdown, reports of declining investment often overlook China's efficient investment strategy in emerging sectors for long-term growth. China has taken measures to stabilize foreign and private sector investments, like reducing the reserve requirement ratio to boost investor confidence.