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: 'Thorn' pattern led to consolidation
2019-11-11 • Updated
The price is consolidating because of the last 'Thorn' pattern. Even so, we should keep an eye on the nearest resistance at 1.3081 - 1.3102 as the next bullish target. A pullback from this level could be a starting point for a decline towards 1.3027 - 1.2982.
The market is consolidating under the 34 Moving Average. It's likely that the pair is going to test the closest support at 1.3027 - 1.3006. If a pullback from these levels happens next, there'll be a moment to have another bullish price movement.
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.
The past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.
Amid concerns of a Chinese economic slowdown, reports of declining investment often overlook China's efficient investment strategy in emerging sectors for long-term growth. China has taken measures to stabilize foreign and private sector investments, like reducing the reserve requirement ratio to boost investor confidence.