GBP/USD 1H Chart: Double Bottom

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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
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