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 reached buy target 1.3270
2019-11-11 • Updated
- GBP/USD reached buy target 1.3270
- Next buy target - 1.3400
GBP/USD continues to rise after the earlier breakout of the resistance level 1.3270 (which stopped the previous minor impulse wave 1 and which was set as the buy target in our previous forecast for this currency pair). The breakout of this resistance level should accelerate the active minor impulse wave (iii) – which belongs to the impulse wave 3 of the intermediate impulse wave (3) from June. GBP/USD is expected to rise to the next buy target at the next resistance level 1.3400 (intersecting with the daily up channel from April).
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.
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.