GBP/USD 30M Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The two-day dip of GBP/USD has allegedly come to an end with a double bottom formation, which has not broken the neckline yet. The pair is currently trading mid-pattern and is expected to target the neckline at 1.2615 next. The daily Pivot point at 1.2584, bolstered by the Ichimoku cloud as well as the 55 and 20-period SMAs, has now set support for the rate, which is likely to encounter 1.2598 on its way north. The first level to watch above the neckline will be 1.2635/36, where the weekly Pivot point and 200-period SMA cluster. A continuation of the current flatness would make it harder to establish a trend, as the pair would then enter a red cloud.
© Dukascopy Bank SA
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