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If you take a look at Big Pippin's Chart Art today, you'll see that he points out a potential double bottom forming. However, after this European session, it looks like resistance at 1.5200 has held, as the pair is currently trading around 1.5050. We will have to wait and see whether price action on the GBPUSD can eventually break the 1.5200 resistance, or if this is a continuation of its recent downtrend.
5 months ago
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It's tough to tell now. As Cyclopip pointed out, the pair has yet to break above the neckline (1.5200) of the double bottom on the 4-hour chart. That level seemed to serve as a strong resistance yesterday but today's high-impact economic reports could provide the pair with enough volatility to break out. We'll see!
5 months ago
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Well, the Cable (GBPUSD) failed to break above the resistance at 1.5200 during yesterday's outing. Without any clear sign of a reversal, I can say that the pair's uptrend has not began yet. Moreover, with the looming credit downgrade of the UK, the pound will more likely to continue heading south.
5 months ago
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