GBP/USD Double Bottom Pattern!

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RESULTS

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.

 

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