GBPUSD Potential Double Bottom at Long-term Support
- 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.
---Written by Paul Robinson, DailyFX Research
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.