GBP/USD: "Double Bottom" pattern

GBP/USD: "Double Bottom" pattern

11-7-2017-GBP-H4.png

Bears faced support on the 55 Moving Average, so we've got a "V-Bottom" pattern, which has been confirmed. In this case, bulls are likely going to test the nearest resistance at 1.2926 - 1.2947. Meanwhile, if a pullback from this area happens, we should keep an eye on the 89 Moving Average as the next bearish target.

11-7-2017-GBP-H1.png

There's a "Double Bottom" pattern, so the price is consolidating under resistance at 1.2887. At the same time, we've got a bullish "Pennant" pattern, so the pair is likely going to achieve the closest resistance at 1.2915 - 1.2926. Nevertheless, bears will probably try to deliver a new local low afterwards.

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