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 consolidating above the 55 MA
2019-11-11 • Updated
The pair is consolidating above the 55 Moving Average line. Also, there's a 'V-Bottom' pattern, which has been confirmed. So, we should keep an eye on the next resistance at 1.3089 - 1.3103 as an intraday target. A pullback from this area could lead to a downward correction.
The last 'V-Top' pattern led to the current consolidation. It's likely that the price is going to test the nearest support at 1.2953 - 1.2930. The following pullback from this target could be a starting point for another bullish rally in the direction of the closest resistance at 1.3073 - 1.3089.
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.
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