Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
GBPUSD Potential Double Bottom at Long-term Support

GBPUSD Potential Double Bottom at Long-term Support

Talking Points:

  • Potential double bottom
  • Multi-year channel support in place
  • Above 15268, resistance at 15425-15500

Cable is attempting to carve out a double bottom near major long-term support. Support comes in the shape of a rising lower trend-line of a channel extending back to 2009, as seen on the weekly. Also, GBPUSD recently traded down to the lower t-line of a daily channel dating back to the highs in the summer of 2014. Trade back below 15033 would negate this double bottom potential. Above 15268, resistance comes in between 15425-15500. The only news event of significance this week is GBP employment numbers on Wednesday, 1/21 at 9:30 GMT.

GBPUSD Daily/Weekly

---Written by Paul Robinson, DailyFX Research

To contact Paul, you can email him at instructor@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES