Hi Traders!
There is a potential double bottom pattern forming here on the GBPUSD 1H chart.
GBPUSD has had bearish momentum over the past 24 hours, and that momentum looks to have slowed down. A possible reason for this is that the market is near the 1.26909 support level, which we have highlighted on the chart. For the double bottom to form, this level must hold.
There was a big price rejection yesterday at 1.28436, which we have highlighted on the chart. From looking at the price action, there was a lot of volatility during that moment, so the traders may want to test that area again.
If the 1.26909 support level does not hold and there is a break below the level, the double bottom will fail, and we will look for further opportunities on the downside.
This is a good risk-reward trade, as there is a lot of upside potential if entry is near the 1.26909 area.
Please do not forget to like, comment and follow.
Thank you for your support.
BluetonaFX
There is a potential double bottom pattern forming here on the GBPUSD 1H chart.
GBPUSD has had bearish momentum over the past 24 hours, and that momentum looks to have slowed down. A possible reason for this is that the market is near the 1.26909 support level, which we have highlighted on the chart. For the double bottom to form, this level must hold.
There was a big price rejection yesterday at 1.28436, which we have highlighted on the chart. From looking at the price action, there was a lot of volatility during that moment, so the traders may want to test that area again.
If the 1.26909 support level does not hold and there is a break below the level, the double bottom will fail, and we will look for further opportunities on the downside.
This is a good risk-reward trade, as there is a lot of upside potential if entry is near the 1.26909 area.
Please do not forget to like, comment and follow.
Thank you for your support.
BluetonaFX