GBP/USD: 'Double Bottom' pushing price higher

GBP/USD: 'Double Bottom' pushing price higher

14-8-2018-GBP-H4.png

We've got a 'Double Bottom', so the price is rising. So, it's likely that the price is going to reach the nearest resistance at 1.2851 - 1.2877. This area could be a departure point for a decline towards the next support at 1.2722 - 1.2705.

14-8-2018-GBP-H1.png

The pair is consolidating under the Moving Averages. Previously, we had a 'Double Bottom', so we're likely going to have an upward correction. In this case, we should keep on track the closest important resistance at 1.2851 as an intraday target.

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