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GBP/USD: "Double Bottom" calling the upward correction

GBP/USD: "Double Bottom" calling the upward correction

There’s a reversal “V-Bottom” pattern, which brought an upward correction into the market. So, the price is likely going to get a resistance somewhere at 1.3483 – 1.3614, which is the Monday’s “Breakaway Gap”. If we see a pullback from this area, bears will probably try to move on and catch a support at 1.3116 – 1.3015.

GBP/USD: "Double Bottom" calling the upward correction

We’ve got a local flat in progress between a resistance by the 34 Moving Average and a support by the level at 1.3226. Moreover, here’s a “Pennant” pattern as well, so bulls are likely going to achieve a resistance area at 1.3445 – 1.3614 shortly. Considering a possible pullback from here, bears could approach a support at 1.3116 – 1.3015 later on.

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