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: "Triple Bottom"
2019-11-11 • Updated
Bulls faced with resistance at 1.3943, but the price is likely going to continue moving up. The main intraday target is the next resistance at 1.4011. If a pullback from this level forms afterwards, bears will probably try to test the closest support at 1.3913 - 1.3834.
There's a "Triple Bottom", so the pair is likely going to achieve the nearest resistance at 1.3942 - 1.4011 in the coming hours. Meanwhile, if we see a pullback from these levels, there'll be an opportunity to have a decline in the direction of another support at 1.3913 - 1.3834.
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.