GBP/USD, H4 - double bottom pattern already completed

The previously described double bottom formation on the GBP/USD pair has been realized. After breaking the potential resistance in the area of 1.1934, the pair then moved towards the target level, which was at 1.2430.

Currently, the we may observe potential profit taking as the market has achieved its textbook target. Nevertheless, it is worth remembering that the double bottom pattern is a potential trend reversal structure. This in turn may have its long-term consequences for the GBP/USD exchange rate.

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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.

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