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: 'V-Top' led to decline
2019-11-11 • Updated
There's a 'V-Top', so the price is declining. The main intraday target is the nearest support at 1.3072. A pullback from this level could be a starting point for another upward price movement in the direction of the next resistance at 1.3235 - 1.3257.
The last 'Pennant' pattern pushed the price lower. So, the pair is likely going to decline in the direction of the closest support at 1.3086 - 1.3072. If we have a pullback from this area, bulls will probably try to test another resistance at 1.3193 - 1.3216.
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.