GBPUSD - Double Bottom and Divergence - Up-Movement expected

2 Mar 2022

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Hi Traders!

Here is our analysis on GBPUSD!
The market is moving in a Downtrend-Channel on the daily TF.

As you can see, we lastly had a higher Low on the daily TF, which is a first indication for bullish strength.
After that, the market went higher, came down with high momentum, came up again and made some lower Highs and was rejecting for a while, before the Trendline broke bearish.

The price fell down with high momentum, then a strong Rejection Candle stopped the movement.
Price made some Pullback and came back down again, where it is now and rejected the price again and also made a double Bottom.

Additionally, we have a medium bullish divergence here.


With the indications of...

• the higher Low --> First sign of bullish strength
  
• Strong Rejection Candle
  
• Another Rejection Candle --> Double Bottom and
  
• Medium Bullish Divergence
  
  ... we expect an Up-Movement.
  
  
  
  
  If you want to understand any aspect deeper or if you have any other POV, we would be happy if you share them!
  
  Thanks and successful Trading :-)!