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

The Double Bottom pattern has been formed on EURGBP D1. Characteristics: the support level 0.8616; the resistance level 0.8681; the width of the pattern 65 points. If the resistance level is broken, a change in the trend can be predicted with the first target point lying at the distance of 62 points.

The Double Bottom pattern has been formed on EURGBP D1; the upper boundary is 0.8681; the lower boundary is 0.8619. The width of the pattern is 65 points. In case of a break of the upper boundary 0.8681, a change in the trend can be predicted where the width of the pattern will coincide with the distance to a possible take profit level.

According to the chart of M5, EURGBP formed the Bearish Rectangle which is a pattern of a trend continuation. The pattern is contained within the following borders: lower border 0.8624 – 0.8624 and upper border 0.8629 – 0.8629. In case the lower border is broken, the instrument is likely to follow the downward trend.

The Double Bottom pattern has been formed on EURGBP M15. 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 0.8629 is broken. The further movements will rely on the width of the current pattern 5 points.

According to H1, EURGBP is shaping the technical pattern – the Inverse Head and Shoulder. In case the Neckline 0.8632/0.8631 is broken out, the instrument is likely to move toward 0.8671.