GBP/USD: 'Double Bottom' pushed price higher

GBP/USD: 'Double Bottom' pushed price higher


The last 'Double Bottom' pattern pushed the price higher. The main intraday target is the closest resistance area at 1.2695 - 1.2725. If a pullback from these levels happens next, there'll be a moment for another decline in the direction of the next support at 1.2634 - 1.2588.


There's a local 'V-Bottom' pattern, which has been formed between the Moving Averages. Thus, the pair is likely going to test the nearest resistance at 1.2718 - 1.2732 in the coming hours. Meanwhile, if we have a pullback from this area, bears will probably try to test another support at 1.2588.



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