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GBP/USD: "Double Bottom" set up bullish correction

GBP/USD: "Double Bottom" set up bullish correction

The price has been rising since a “Double Bottom” formed near the downtrend’s lower side. The 34 Moving Average acted as a resistance. Therefore, bulls are likely going to move on towards the next resistance at 1.3471 – 1.3614. If so, the last “Breakaway Gap” will be closed soon. However, if a pullback from this area happens later on, bears will probably try to achieve a support at 1.3226.

GBP/USD: "Double Bottom" set up bullish correction

Bulls faced a support at 1.3356, which led to the current local downward movement. However, the price is likely going to reach a resistance at 1.3495 – 1.3532. If a pullback from this area happens afterwards, there’ll be an opportunity to see a decline towards a support at 1.3285 – 1.3226.

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