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: price broke 'Triangle'
2019-11-11 • Updated
We've got a 'Triangle', which lower side has been broken. However, it's likely to have a correction towards the closest resistance at 1.3101 - 1.3131 in the short term. This area could be a departure point for a decline in the direction of the next support at 1.3047 - 1.3008.
The market is declining after a few days of consolidation along the Moving Averages. At the same time, there's a bullish 'Thorn' pattern, so the pair is likely going to test the nearest significant resistance at 1.3112. If a pullback from this level happens little later on, bears will probably try to reach another support at 1.3047 - 1.3032.
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.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?