GBP/USD: confirmed 'Double Bottom'

GBP/USD: confirmed 'Double Bottom'

31-1-2019-GBP-H4.png

There's a 'Double Bottom' pattern, which has been confirmed. In this case, the pair is likely going to reach the previously tested resistance at 1.3193 - 1.3216. If a pullback from this area happens little later on, bears will probably try to achieve the nearest support at 1.3072.

31-1-2019-GBP-H1.png

The 89 Moving Average has acted as support, so there's a 'Triple Bottom' pattern. In this case, we should watch the closest resistance at 1.3193 - 1.3216 as an intraday target. The subsequent pullback from these levels could be a starting point for a downward correction.

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