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: "Rising Wedge" led to massive decline
2019-11-11 • Updated
We've got a "Triple Top" pattern, so the price reached the 34 Moving Average. Nevertheless, bears are likely going to test the next support at 1.3083. If we see a pullback from this level, there'll be an option to have an upward correction towards the nearest resistance at 1.3158 - 1.3184.
The last "Rising Wedge" pattern led to the yesterday's massive decline. The main intraday target is the 55 Moving Average, which could be a departure point for another decline in the direction of the closest support at 1.3083.
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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