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GBP/USD: two "Double Bottoms" in a row

GBP/USD: two "Double Bottoms" in a row

Bears faced a support at 1.3247, so we’ve got a local consolidation, which is taking place on the four-hours chart. Therefore, it’s likely to see an upward price movement in the direction of a resistance at 1.3302 – 1.3345. However, if a pullback from this area be on the table, bears will probably try to get a support on the 89 Moving Average.

GBP/USD: two "Double Bottoms" in a row

We’ve got a pullback from a support at 1.3251, so there’s a consolidation in progress. Also, there’s a “Double Bottom” pattern, so bulls are likely going to reach the next resistance at 1.3318 – 1.3334. If we get a pullback from these levels, there’ll be an opportunity to have another decline towards a support at 1.3209.

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