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' to continue
2019-11-11 • Updated
The market is still unfolding the 'Rising Wedge' pattern. It's likely that the price is going to test the next resistance at 1.2725 - 1.2759 in the coming hours. Meanwhile, if a pullback from this area forms next, there'll be a moment to have a decline towards the nearest support at 1.2617 - 1.2588.
There's a 'V-Top' pattern, so the price is consolidating. The main intraday target is the previously tested resistance at 1.2738 - 1.2759. The subsequent pullback from these levels could lead to a downward price movement in the direction of the closest important support at 1.2658 - 1.2628.
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.