GBp/USD Possible Double Bottom ?

Chart Legend:

Blue line= downtrend
MS (orange line)= Minor Support

Analysis:

Major Trend: Downtrend

As we can see in the chart, there is a possibility for a double bottom (W), but the pattern is only confirmed after breaking the neckline (1.42).

There is also a Morning Star pattern , suggesting a possible reversal!

In this chart, we can approach it in two ways:

1) Trade with the Trend

- The trend is our friend, we can trade with it, I would wait right now until it touches 1.38 , put a stop-loss at 1.44 and then let it run.

2) Trade against the Trend

- With the morning star pattern and possible double bottom forming, It's giving us good signals to make a long position.

- I would enter at the Support (1.22) and put a stop-loss at 1.186 , and take profit behind the neckline of the possible double bottom at 1.377.

Feel free to ask me anything in the comments down below!

Disclaimer: I'm not a financial adviser , i'm not responsible for any losses due to following my chart analysis!