GBP/USD Price Analysis: Prints session high above 1.18, double bottom on hourly chart

GBP/USD's hourly chart shows a double top reversal pattern.
A break above 1.1934 would imply a double top breakout.

Omkar Godbole FXStreet Contributor

GBP/USD jumped to a session high of 1.1817 soon before press time and is currently trading at 1.1805, representing a 0.40% gain on the day.

Broad-based dollar losses seem to be powering gains in GBP/USD in Asia. The dollar index, which tracks the value of the greenback against majors, is currently trading at 101.48 – down 0.30% on the day – having hit a high of 101.91 early Wednesday.

The hourly chart shows the pair is printing a double top bullish reversal pattern on the hourly chart. Acceptance above the neckline resistance at 1.1934 would confirm breakout or a bearish-to-bullish trend change and open the doors to 1.24 (target as per the measured move method).

Hourly chart

Trend: Bullish above 1.1934

Technical levels

GBP/USD

Overview
Today last price	1.1805
Today Daily Change	0.0058
Today Daily Change %	0.40
Today daily open	1.1759

Trends
Daily SMA20	1.2456
Daily SMA50	1.2789
Daily SMA100	1.2905
Daily SMA200	1.2677

Levels
Previous Daily High	1.18
Previous Daily Low	1.1501
Previous Weekly High	1.24
Previous Weekly Low	1.1412
Previous Monthly High	1.3204
Previous Monthly Low	1.2726
Daily Fibonacci 38.2%	1.1685
Daily Fibonacci 61.8%	1.1615
Daily Pivot Point S1	1.1573
Daily Pivot Point S2	1.1388
Daily Pivot Point S3	1.1275
Daily Pivot Point R1	1.1872
Daily Pivot Point R2	1.1985
Daily Pivot Point R3	1.217

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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