GBP/USD 1H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having climbed to a five-year high of 1.6669, the British Pound started to lose its value against the U.S. Dollar. Following a sharp sell-off, the pair bounced off the level near 1.6251, a two-month low, appreciated slightly and then again dived to this mark thus forming a double bottom pattern.
Now the pair is attempting to reach the neck-line at 1.6344; however, the 50-hour SMA at 1.6310 is preventing the pair's advance. If GBP/USD breaks through the short-term SMA that has been curbing a climb for 15 hours, the pair may enjoy a rally towards the pattern's resistance. However, traders are sceptical about this scenario, being bearish in almost 54% of cases.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.