The downward pressure is losing momentum. We may see a change in the direction of GBPUSD in the near future.
A Double Bottom pattern has formed on the chart, indicating a possible upward reversal. An important signal to confirm of this pattern is the breakthrough of the neck line located at the level 1.33367. A breakdown of the neckline endorses a trend reversal scenario and opens up opportunities for further price growth. To do this, we must see the price consolidate above this line.
Against this background, it is now advisable to consider the long positions for GBPUSD. Optimal entry points can be either at current prices or when retesting resistance.
📌 Entry: 1.33386
✔️ First target: 1.33630
✔️ Second target: 1.33805
❌ Stop order: 1.33148
GBPUSD M15: The pattern marked on the chart indicates a possible upward reversal
