GBP / USD, H4 - potential double bottom pattern
Since the UK government has decided to change its tactics in the fight against coronavirus, it seems that the pound has stopped weakening. In addition, as many Dollars may appear on the market as it is needed thanks to the Fed actions.
This, in turn, could lead to stopping the GBP/USD drop by plotting a potential double bottom pattern in the area of 1.1446. If the resistance at 1.1934 is broken, it may open the way even towards 1.2430, where the textbook target for the double bottom is located.
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
This, in turn, could lead to stopping the GBP/USD drop by plotting a potential double bottom pattern in the area of 1.1446. If the resistance at 1.1934 is broken, it may open the way even towards 1.2430, where the textbook target for the double bottom is located.
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
