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 with another possible leg lower
2019-11-11 • Updated
GBP/USD was one of the major losers during last week, following BoE’s decision to keep rates unchanged and positive NFP data in the United States. Currently, the pair is forming a lower low pattern below the 1.3058 level and it’s awaiting to duplicate a cycle started since August 3rd, towards the 1.3010 level, at which is located the Fibonacci zone of 100%.
That’s why our preferred scenario is calling for another leg lower, but above 1.2974, Cable might start to correct the downside and such rebound could be limited in a first degree by the resistance area of 1.3123. RSI indicator is still at the oversold territory.
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Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!