GBP/USD 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A double top pattern formed by GBP/USD on November 25 represents a part of the upward trend the pair followed after it tumbled to a two-month low in mid-November. The pattern is 251-bar long and has both quality and magnitude above average. The pair has already performed two consecutive jumps within the pattern, with the second peak being at a five-year high, higher than the first one. A retreat from the second high of the double top pattern usually provokes an accelerating decline; however, it may not be the case this time given that market players are bullish in 65.38% of cases.
© Dukascopy Bank SA
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