Week 5 2020 - GBPUSD

Hi traders,

For this particular asset, we saw price break to the downside from the consolidation pattern and bounce forming a small bullish trend off of the double bottoms. The bullish stochastic is a sign there is some momentum to the upside.

The double bottoms have thrown back to the confirmation level and any sign of bouncing is a signal to buy this asset. A break above 131700 will be confirmation of bullishness. We will need some strong fundamentals for the asset to breakout at those levels.

For the bears, a break of the 50MA and 130150 level will be the sign to look for shorts.

All the best,
Aardall