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GBPUSD Potential Double Bottom at Long-term Support

GBPUSD Potential Double Bottom at Long-term Support

Paul Robinson, Strategist

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

GBPUSD Potential Double Bottom at Long-term Support

---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.

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