GBPUSD – Forms Double Bottom + Pin Bar Rejection | Sep 9

GBPUSD – Double Bottom + Pin Bar, Likely Pullback Coming
After making marginal new lows yesterday, the GBPUSD formed a double bottom + pin bar off the key short term support at 1.6063 which you can see via the 1hr chart below. We can see the trend turning volatile in the price action below, hinting ahead of time the pair might be turning for a possible reversal.

After this level, the next key resistance is 1.6160 short term. If the cable can continue to build higher lows above 1.6080/60, then expect a challenge of 1.6160 and then 1.6200 short term. After clearing 1.6200 and 1.6225, then the next resistance doesn’t come till about 1.6287, so some potential upside for counter-trend traders.

If 1.6060 folds, then the ‘big figure‘ at 1.6000 will be under attack.


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