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GBP/USD takes out double bottom at 1.2604 but rebounds on JOLTS data
Not long before the US economic releases this afternoon, the GBP/USD made a brief move below the noted 1.2604 double bottom on the daily charts. The low seen was probably just enough to trip some stops in place nearby and it is assumed there were some of those around. The low was set at 1.2599. The impact of the weaker JOLTS data, which seems to have carried all before it, saw the pound rebound above 1.2650. So, was that move to 1.2599 a false break? Well, I guess you could call it that, but then again it did not really force a break in the first place, moreover just a target to aim at as usual. That is why it was highlighted here earlier today. The GBP/USD is currently trading at 1.2633
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