Get started
MarcellusLUX

GBP/USD probable double bottom set-up in the daily chart

Long
British Pound / U.S. Dollar (FX:GBPUSD)  
MarcellusLUX Updated   
FX:GBPUSD   British Pound / U.S. Dollar
Trend Analysis Chart Patterns GBPUSD gbpusdlong gbpusdanalysis gbpusdsignal
16
4
trendanalysis chartpattern gbpusd gbpusdlong gbpusdanalysis gbpusdsignal
Dear traders, we have the probable formation of a double bottom
pattern in the daily chart. In addition, we also have a bullish reversal
candlestick in the daily timeframe.

A combination of these two factors gives us a reversal bias in GBP/USD.
A potential long entry in GBPUSD@1.2080-1.2110 with SL below 1.20
and TP at 1.2350 is on my mind.
Comment:
As expected, price drops to my preferred buy zone where I executed a buy trade@ 1.2105
Comment:
Looking good so far, daily candle turns green
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.