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' pushed the pair higher
2019-11-11 • Updated
There's a 'Thorn' pattern, which pushed the pair higher, but the 34 Moving Average has acted as resistance, so the price is consolidating. In this case, it's likely that the pair is going to reach the previously tested support at 1.2910 - 1.2854. The subsequent pullback from this area could lead to an upward correction towards the nearest resistance at 1.2946 - 1.2957.
We've got a 'Bearish Trap', so the price moved higher. Meanwhile, we should watch the closest support at 1.2913 - 1.2889 as an intraday target. If a pullback from this area happens next, bulls will probably try to achieve another resistance at 1.2971 - 1.2999.
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.
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