Forex Trading: GBP/USD Targets Double Bottom Peak
Price action on GBP/USD, a daily chart of which is shown, has displayed five consecutive days of significantly bullish price bars following the double-test bounce off support just below 1.4800 late last week. In the process of this bullishness, price currently appears to be targeting resistance around the peak of the potential double-bottom formation, which resides in the 1.5380 price region.
A strong breakout above that peak would confirm the double-bottom formation (a classic reversal pattern) and could indicate a potential change (or reversal) in the overall downtrend. A breakout above the double-bottom peak could target further initial resistance to the upside around the 1.5550 price region.
To the downside, strong support resides around the key psychological 1.5000 area.
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