GBPUSD - Double Bottom and AB=CD Complete; Bullish
GBPUSD – Although upside pressure was posted in cable during the European session, investors sold the rally close to Tuesdays high. This resulted in the pair posting little net change for the day. However, a downside dip has been bought overnight and posted a bullish outside bar on the intraday chart. 1.5965, (38.2% pullback) is still a mild concern as market tend to trend towards these Fibonacci levels. Risk/reward is more than ample top call a Buy. Our call is bullish above a stop of 1.5974.
The profit targets are 1.6047, 1.6095 and towards 1.6129.