Double Bottom Pattern expected to support GBP/USD

GBP/USD is in recovery mode after being down for 3 weeks. The pair increases 0.11% to end close to 1.2190 after the mid-Asian session on Wednesday. In the process, the pair applauds the broad-based USD decline as the chances of recession fade.

A point worth noting is the disappointing US housing stats that helped GBP/USD pair to remain solid before the recent mild run-up.

Moving forward, the US Conference Board (CB) Consumer Confidence figures for December is to look forward to, which are projected to touch 101.00 compared to 100.00 previously. It will be combined with UK political updates to direct short-term GBP/USD movements. The onus will be on Thursday’s UK GDP figures along with the US Core PCE Inflation data on Friday for clear direction.

GBP/USD Technical Outlook

The pair tested the bullish channel’s support line and mainta

The GBP/USD held its stability above the bullish channel’s support line, allowing positive trades and attempts to go further from the bearish channel to ensure a bullish trend for a couple of days. It is backed by stochastic positivity, which makes the next target visible at 1.2330, which in order to achieve, the pair will have to hold above 1.2105.

Relevant news