I've identified a potential trading opportunity in the
GBPUSD
4H price chart - a massive double bottom pattern. The first bottom was formed at 1.2356 and the second bottom is currently being formed.
If the price rallies up to the "neck" of the double bottom at around 1.253, we could potentially see a breakout above this level. This would create an opportunity to take a long order on a pullback, with the expectation that the price may continue to rally to at least 1.273.
However, it's important to keep in mind that inflation in the UK is currently quite high, which could potentially impact the outcome of this trade. Therefore, it's important to exercise caution and manage risk appropriately.
GBPUSD
4H price chart - a massive double bottom pattern. The first bottom was formed at 1.2356 and the second bottom is currently being formed. If the price rallies up to the "neck" of the double bottom at around 1.253, we could potentially see a breakout above this level. This would create an opportunity to take a long order on a pullback, with the expectation that the price may continue to rally to at least 1.273.
However, it's important to keep in mind that inflation in the UK is currently quite high, which could potentially impact the outcome of this trade. Therefore, it's important to exercise caution and manage risk appropriately.