GBPUSD H1 Analysis
The GBPUSD chart is creating a DOUBLE BOTTOM PATTERN pattern which indicates a bullish trend. This will be confirmed once the 1.23200 level has been broken. A conservative approach (TP1) would be about half the size of the pattern, which is approximately 30 pips. An aggressive approach (TP2) would have us looking at the full size of the pattern, which is approximately 60 pips. Thus, the trade is executed as follows:
GBPUSD
BUY STOP: 1.23200
SL: 1.22600
TP1: 1.23500
TP2: 1.23800
GBPUSD
BUY STOP: 1.23200
SL: 1.22600
TP1: 1.23500
TP2: 1.23800
Note
The analysis was successful and went perfectly according to plan.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.