{"id":8302,"date":"2010-04-07T08:55:55","date_gmt":"2010-04-07T12:55:55","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=8302"},"modified":"2010-04-07T08:55:55","modified_gmt":"2010-04-07T12:55:55","slug":"forex-technical-analysis-gbpusd-double-bottom-reversal","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/04\/07\/forex-technical-analysis-gbpusd-double-bottom-reversal\/","title":{"rendered":"Forex Technical Analysis \u2013 GBP\/USD \u2013 Double Bottom Reversal"},"content":{"rendered":"<p><strong>By Russell Glaser<\/strong> &#8211; The Cable\u2019s long term bearish trend appears to be weakening. In the  process, a double bottom reversal pattern may be forming on the daily  chart.<\/p>\n<p>As shown below in the forex technical  analysis, the daily chart displays the long term trend line has been  broken and a potential double bottom taking place.<\/p>\n<p>This common reversal pattern has two points near the same price level  and takes the shape of a W. The resistance line rests at the peak of  the pattern at the price of 1.5380. This potential double bottom will be  complete when the price breaks above this resistance level.<\/p>\n<p>Traders need to be aware that this remains a potential double bottom  until the resistance line is breached. This could simply be a  consolidation pattern before a resumption of the long term downward  sloping trend.<\/p>\n<p>The future price move after a breach of the resistance level can be  measured from the resistance line down to the bottom of the chart  pattern. This would be a potential price move higher of approximately  600 pips. This would also signal a reversal of the long term downward  trend and the beginning of a new uptrend.<\/p>\n<p>Special thanks go out to FX Salesman <a href=\"mailto:joseph@forexyard.com\">Joseph Binestock<\/a> for his  recognition of the chart pattern.<\/p>\n<p><a href=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/04\/GBPUSD-Double-Bottom.JPG\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/04\/GBPUSD-Double-Bottom.JPG\" alt=\"\" width=\"594\" height=\"571\" \/><\/a><\/p>\n<p><em><strong>Forex Market Analysis<\/strong><\/em> provided by\u00a0<a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\"><strong>Forex          Yard.<\/strong><\/a><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and          may not be suitable for all investors. There is a possibility    that     you   could sustain a loss of all of your investment and    therefore  you     should  not invest money that you cannot afford to    lose. You  should  be    aware of  all the risks associated with Foreign    Exchange  trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Russell Glaser &#8211; The Cable\u2019s long term bearish trend appears to be weakening. In the process, a double bottom reversal pattern may be forming on the daily chart. As shown below in the forex technical analysis, the daily chart displays the long term trend line has been broken and a potential double bottom taking &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/04\/07\/forex-technical-analysis-gbpusd-double-bottom-reversal\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Forex Technical Analysis \u2013 GBP\/USD \u2013 Double Bottom Reversal&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-8302","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/8302","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=8302"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/8302\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=8302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=8302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=8302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}