GBP/USD: confirmed 'Double Bottom'

GBP/USD: confirmed 'Double Bottom'


There's a confirmed 'Double Bottom', so we're likely going to have an upward correction in the short term. The main target is the nearest resistance at 1.2870 - 1.2896. A pullback from this area could be a starting point for another decline towards the next resistance at 1.2776 - 1.2753.


We've got a 'V-Bottom', which has been confirmed by the last 'Flag' pattern. In this case, it's likely that the pair is going to test the closest important resistance at 1.2870 - 1.2896. If a pullback from these levels happens next, there'll be time for a decline in the direction of another support at 1.2784 - 1.2776.



Latest news

EUR/CHF looks ill

This week EUR/CHF broke below the 100- and 50-day MAs at 1.0966 and 1.0954 respectively.

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