GBP/USD Classical 03.15
GBP/USD: Technically, the break back above 1.5195 on Friday has triggered a major double bottom formation that would now project additional upside back towards the 1.5600 area over the coming days. Nevertheless, we are not as comfortable recommending a play of this double bottom, with daily studies having already corrected nicely from oversold levels, and the market very much locked in an intense downtrend. Instead, we recommend standing aside for now and awaiting a clearer signal.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
If you wish to receive Joel's reports in a more timely fashion, e-mail email@example.com and you will be added to the "distribution" list.
If you wish to discus this topic or any other feel free to visit our Forum page
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.