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: technical outlook from banks
2019-11-11 • Updated
Commerzbank’s analysts remain their neutrally positive technical outlook for GBP/USD in the short-term. Last week, the pound reached 1.2966, then, moved into the consolidation phase. As long as the pound is trading above the April 21st low (1.2755) we can’t talk about the imminent reversal of the current short-term bullish trend.
BofA Merrill Lynch
The bank’s analysts got inspired by the idea of the snap election in the UK and turned positive on the GBP/USD.
The pair is trading above 200-day MA (1.2607). The current rally can be exhausted at around 1.3000. A drop below 1.2608 may send quotes lower towards 1.2515 (April 18 low), or towards 1.2346 (February low).
is long on the GBP/USD from 1.2934 with take-profit at 1.3120 and stop-loss at 1.2759.
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.
As warned over the past few days, gold is not in a position to keep on rising. Yesterday gold managed to rise all the way to $1,916.
Let's dive into the latest developments shaping the global economic landscape. Good news first: the threat of an unprecedented US debt crisis has receded, as US lawmakers passed a bill to raise the debt ceiling and avoid a catastrophic default. Phew! But don't pop the champagne just yet, because storm clouds are still looming. High inflation, rising interest rates, and sluggish growth are challenges that have yet to disappear.
Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.