Hello Traders,
let’s see what the month of November has for us:
1. GBP/USD
Last week the GBP/USD closed with a strong bearish move that broke the support level of the minor descending channel.
This week I will be watching out for the key support zone and how price reacts to it. If the bears are able to break it, we may see price go further down to support level 1.35292 and 1.34193
If price is rejected after it hits the key support zone, then we may see price revisit resistance zone 1.37471 and 1.37271
2. GBP/JPY
Lower lows formed on GBP/JPY may signify the warming up of the bears.
155.959 is the support level still holding price from last week. A bearish breakout will most likely drag price further down to 154.028.
However, if we do see a bounce off the current support level, then price may hit 156.652 before falling down
3. XAU/USD (GOLD)
Do you think support level 1777.91 will hold price this coming week?
I will watch this precious metal afar though.
If support level 1777.91 gives way, then we may see price visit the next possible support level (1747.92), and if the bullish engulfing candle is supported by the buyers this week, we may see price hit resistance level 1800.12
What say you?
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