GBP/USD Double Bottom Pattern!

GBP/USD Double Bottom Pattern!

GBP/USD has found strong support in the short term and now it looks to trade higher. The Pound is bullish right now even if the UK’s data have come in mixed earlier. The Current Account was reported at -12.8B higher versus -13.9B expected and compared to -26.3B in the previous reporting period.

The Final GDP dropped by 1.6% more versus 1.5% expected, while the Revised Business Investment dropped by 10.7% versus 11.9% estimates. The US ADP Non-Farm Employment Change, Chicago PMI, and the Pending Home Sales could shake the pair and could bring strong movements.

GBP/USD H1 Technical Analysis!

GBP/USD has found support on the descending pitchfork’s lower median line (lml).  Now is located above the daily pivot point (1.3842) level.

Making a new higher high, closing above 1.3860 could activate a potential Double Bottom pattern and could bring a strong rebound.

Conclusion!

GBP/USD has found strong support and now it could turn to the upside. A new higher high could indicate a potential growth towards the former highs.

 

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Author : Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.