GBP/USD: confirmed 'Double Top'

GBP/USD: confirmed 'Double Top'


There's a 'V-Top' pattern, which has been confirmed, so it's likely that the market is going to test the nearest support at 1.3146 - 1.3114. If a pullback from this area happens little later on, bulls will probably try to reach the next resistance at 1.3216 - 1.3235, so we could have a new local high shortly.


We've got a confirmed 'Double Top', which means there's a green light for a downward correction. The main intraday target is the closest support at 1.3149 - 1.3109. The subsequent pullback from these levels could lead to another bullish rally in the direction of 1.3216 - 1.3235.



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The outlook for the GBP

The British pound has been enjoying itself versus the other major currencies during the past weeks. WIll the advance of the GBP continue?

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