GBP/USD potential double bottom, price may rise
The value of GBP/USD has fallen steadily over the past few trading sessions. However, the
downtrend may come to an end soon and we may say a recovery in price.
A potential double bottom at 1.1770 level might give GBP/USD bulls the much-needed impetus
to take the price upwards towards 1.23 level.
It seems that a lot of retail traders are long in GBP/USD. However, my recommendation is to buy
GBP/USD between 1.1760-1.810 with SL below 1.1720 and TP at 1.23. Traders must approach such
anticipatory trades with partial lot strategy.
downtrend may come to an end soon and we may say a recovery in price.
A potential double bottom at 1.1770 level might give GBP/USD bulls the much-needed impetus
to take the price upwards towards 1.23 level.
It seems that a lot of retail traders are long in GBP/USD. However, my recommendation is to buy
GBP/USD between 1.1760-1.810 with SL below 1.1720 and TP at 1.23. Traders must approach such
anticipatory trades with partial lot strategy.