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GBPUSD: Double Bottom Neckline Breakout | January 6, 2017



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Gbpusd failed to break 1.2200 support level twice. That's why we can see double bottom on the chart. From this level buyers take control on this pair. 1.2380 level was previous strong resistance and neckline for this double bottom. On 5 January, with big bullish candle, this pair had broken that price level. Now this pair is staying on this level. So it can be good chance to buy from this level again to ride on the bullish rally.

We need a strong bullish candle to get good confirmation for buy gbpusd from this neckline retesting level. For buy, we can set first target 1.2424 level, second target 1.2500 level.


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