GBp/USD Possible Double Bottom ?
Chart Legend:
Blue line= downtrend
MS (orange line)= Minor Support
Analysis:
Major Trend: Downtrend
As we can see in the chart, there is a possibility for a double bottom (W), but the pattern is only confirmed after breaking the neckline (1.42).
There is also a Morning Star pattern , suggesting a possible reversal!
In this chart, we can approach it in two ways:
1) Trade with the Trend
- The trend is our friend, we can trade with it, I would wait right now until it touches 1.38 , put a stop-loss at 1.44 and then let it run.
2) Trade against the Trend
- With the morning star pattern and possible double bottom forming, It's giving us good signals to make a long position.
- I would enter at the Support (1.22) and put a stop-loss at 1.186 , and take profit behind the neckline of the possible double bottom at 1.377.
Feel free to ask me anything in the comments down below!
Disclaimer: I'm not a financial adviser , i'm not responsible for any losses due to following my chart analysis!
Blue line= downtrend
MS (orange line)= Minor Support
Analysis:
Major Trend: Downtrend
As we can see in the chart, there is a possibility for a double bottom (W), but the pattern is only confirmed after breaking the neckline (1.42).
There is also a Morning Star pattern , suggesting a possible reversal!
In this chart, we can approach it in two ways:
1) Trade with the Trend
- The trend is our friend, we can trade with it, I would wait right now until it touches 1.38 , put a stop-loss at 1.44 and then let it run.
2) Trade against the Trend
- With the morning star pattern and possible double bottom forming, It's giving us good signals to make a long position.
- I would enter at the Support (1.22) and put a stop-loss at 1.186 , and take profit behind the neckline of the possible double bottom at 1.377.
Feel free to ask me anything in the comments down below!
Disclaimer: I'm not a financial adviser , i'm not responsible for any losses due to following my chart analysis!
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