FX.co ★ Actual patterns. Technical analysis and trading recommendations

The Double Bottom pattern has been formed on GBPUSD M5. This formation signals a reversal of the trend from downwards to upwards. The signal is that a buy trade should be opened after the upper boundary of the pattern 1.3418 is broken. The further movements will rely on the width of the current pattern 9 points.

On the chart of GBPUSD M15 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 1.3447; the lower boundary 1.3435; the width of the pattern 12 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 1.3412 level.

The Double Top reversal pattern has been formed on GBPUSD M15. Characteristics: the upper boundary 1.3447; the lower boundary 1.3439; the width of the pattern is 7 points. Sell trades are better to be opened below the lower boundary 1.3439 with a possible movements towards the 1.3417 level.

The Triple Top pattern has formed on the chart of the GBPUSD M5. Features of the pattern: borders have an ascending angle; the lower line of the pattern has the coordinates 1.3424/1.3439 with the upper limit 1.3450/1.3446; the projection of the width is 26 points. The formation of the Triple Top figure most likely indicates a change in the trend from upward to downward. This means that in the event of a breakdown of the support level of 1.3424, the price is most likely to continue the downward movement.

According to the chart of M5, GBPUSD formed the Bullish Rectangle which is a pattern of a trend continuation. The pattern is contained within the following borders: the lower border 1.3439 – 1.3439 and upper border 1.3447 – 1.3447. In case the upper border is broken, the instrument is likely to follow the upward trend.