GBP/USD: pair rising because of 'Double Bottom'

GBP/USD: pair rising because of 'Double Bottom'

7-6-2018-GBP-H4.png

The pair has been rising since the last 'Double Bottom' was formed. The main intraday target is the next resistance at 1.3527. A pullback from this level could be a starting point for a bearish correction in the direction of the 55 Moving Average.

7-6-2018-GBP-H1.png

Bulls faced with resistance at 1.3473, so there's a 'V-Top' pattern. In this case, the market is likely going to reach the closest support at 1.3450 - 1.3419. Meanwhile, if we have a pullback from these levels afterwards, there'll be an opportunity to have an upward price movement towards the next resistance at 1.3490 - 1.3527.

gbp

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Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen; Dollar is going to positive area, but the market is overbought now.

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