GBP/USD: "Double Bottom" highlights possibility to have correction
The price has broken the local uptrend. However, there’s a possible “Double Bottom” pattern, which points to an opportunity to have an upward correction in the short term, so we should keep an eye on the nearest resistance at 1.3277 – 1.3302 as an intraday target. If a pullback from this area arrives, then bears will probably try to reach a support at 1.3167 – 1.3115.
Bears faced a support at 1.3156, which led to an achievement of the closest resistance at 1.3209. Therefore, it’s likely that bulls are going to reach the next resistance at 1.3277 – 1.3302 during the day. At the same time, if we have a pullback from these levels, there’ll be a chance to see a decline in the direction of a support at 1.3156 – 1.3118.