The picture could be changing for sterling dollar. We are now seeing a possible double bottom formation and a much more significant upside extension. The pressure is back on the topside and the market looks like it wants to trade higher, not lower.
Video length: 00:01:02
The picture could be changing for sterling dollar. Last week the market traded down to its lowest level since the EU Referendum in 2016, but the market was unable to sustain below 120 and has since shown a sharp bounce to the topside. The break sets up a possible double bottom formation and a much more significant upside extension. The pressure is back on the topside and the market looks like it wants to trade higher, not lower.
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