GBP/USD – Double Bottom vs. Consolidation Range

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gbpusd 4h chart 11/21

The GBP/USD has stabilized since last week after making a fresh low on the year near 1.5590. Let’s take a look at this price action on the chart.

In this past we weeks, GBP/USD has found support at 1.5590 twice, suggesting a possible double bottom. However, failure to break above 1.5735 has kept the mode in consolidation, with the prevailing bearish trend still in tact at least in the 4H chart. A above should provide limited bullish outlook with sellers in the 1.58-1.5825 area. A break below can open up the 1.5445-1.5450 area.

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