GBP/USD 1H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite losing a considerable ground against US dollar, the Sterling entered a period of stabilization last week, thus forming a double bottom pattern. 
At the moment pair is recovering from the second low of the figure and  nearing the resistance line, which will determine the pair's future development. We expect it to bounce back and trade downwards, as the resistance at 1.5736 is strengthened by weekly PP, daily R1 and 200-hour SMA. Despite that, 56% of SWFX traders forecast the Pound to gain value, while technical indicators are mixed in the short-term and bullish on a four-hour chart. However, in the long-term they still predict the pair to depreciate further.

© Dukascopy Bank SA
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