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' pattern led to consolidation
2019-11-11 • Updated
The pair is consolidating along the Moving Averages. Also, it's likely that the current 'Pennant' pattern is about to end. So, the price is going to test the next resistance at 1.3032 - 1.2037 anytime soon. A pullback from this area could be a starting point for a decline towards the nearest support at 1.2911 - 1.2880.
The market has been consolidating since the last 'V-Top' pattern formed. Meanwhile, it's likely that the pair is going to test the Moving Averages in the short term. A pullback from these lines could be a departure point for another upward 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.
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