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  • GBP/USD – Will the new Double Bottom Hold?

    From fxtimes.com

    Double Bottom and trendline: The 1H chart shows a double bottom that was completed when the market pushed above 1.5155. It also broke above a falling trendline that goes back to the 1.5385 resistance pivot. In the 1H chart price is now above the 200-hour SMA, and the RSI has tagged 70, showing birth of bullish momentum. But will all these “bottoming” signs hold? Throwback: As get ready for the 5/30 US session, GBP/USD is retreating from 1.52. This throwback will test whether the market is putting in a bottom. If it is, price should really stay above 1.51. Falling below 1.5090 neutralizes the bullish outlook, ... (full story)

  • #1
  • Quote
  • May 30, 2013 8:27am May 30, 2013 8:27am
Nice, logical analysis, same view

should just let these guys stay and trash the rest.
Come with me if you want to live....
  • #2
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  • May 30, 2013 8:29am May 30, 2013 8:29am
will gbpusd go up? really up?
  • #3
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  • May 30, 2013 8:34am May 30, 2013 8:34am
IMHO the conditions are in for a swing long but I don't trade swings/trends..

Quoting xetrader
will gbpusd go up? really up?
  • #4
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  • May 30, 2013 8:46am May 30, 2013 8:46am
Quoting xetrader
will gbpusd go up? really up?
Well, it looks like it can do so ahead of next week's key risk events. Today, with GDP revised down and jobless claims higher, the USD is vulnerable. So I like the 1.5277 as a conservative target. We'll see though. In this environment, even if it can make it to 1.5277, I can still see choppiness, because we are NOT in an uptrend.

- Fan
  • #5
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  • May 30, 2013 8:49am May 30, 2013 8:49am
It quite late to call a double bottom when the price already broke the falling trendline. U missed the ride already
  • #6
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  • May 30, 2013 8:51am May 30, 2013 8:51am
But let's not forget that from a fundamental and political issue/standpoint any swing long could be smashed out of the park with a few words by the BOE prince of darkness Mark Carney in the coming weeks.

Quoting fxtimes
Well, it looks like it can do so ahead of next week's key risk events. Today, with GDP revised down and jobless claims higher, the USD is vulnerable. So I like the 1.5277 as a conservative target. We'll see though. In this environment, even if it can make it to 1.5277, I can still see choppiness, because we are NOT in an uptrend.

- Fan
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #7
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  • May 30, 2013 8:58am May 30, 2013 8:58am
oh yea, I feel like the market should already be pricing this in. But it seems more focused on the USD side at the moment.
  • #8
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  • May 30, 2013 9:00am May 30, 2013 9:00am
Quoting naufas
It quite late to call a double bottom when the price already broke the falling trendline. U missed the ride already
The point of the article was not to predict formation of the double bottom, but moving to the next phase, gauging it as a bottom for some further short-term correction rally.

Also, just because you didn't catch it at the bottom, does not always mean its too late.

- Fan
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  • Posted: May 30, 2013 7:47am
  • Submitted by:
     fxtimes
    Category: Technical Analysis
    Comments: 8  /  Views: 2,729