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 since 'Thorn' formed
2019-11-11 • Updated
There's a 'V-Bottom' pattern, so the pair is likely going to test the closest resistance at 1.3344 - 1.3380 and the 34 Moving Average shortly. Meanwhile, a pullback from these levels could be a starting point for a decline towards the next support at 1.3174 - 1.3125.
The price has been consolidating since the last 'Thorn' pattern was formed. The main intraday target is the 89 Moving Average. If a pullback from this line happens next, there'll be a moment to have a decline in the direction of the last low.
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.
Bullish Scenario: Buys above 17910 with TP:18098.07, TP2:18277, and TP3: 18415 Bearish Scenario: Sells below 17850 with TP1:17730, TP2: 17700
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