GBP/USD 30-Minute Chart Analysis
Pattern: Triple Bottom Reversal
Instrument: British Pound / U.S. Dollar (GBP/USD)
Timeframe: 30M
Bias: Bullish Reversal
Current Price: 1.33867
🔍 Chart Pattern Overview – Triple Bottom
The chart displays a Triple Bottom formation, which is a classic bullish reversal pattern that signals the exhaustion of selling pressure and the potential beginning of a new uptrend.
Bottom 1: Formed after a steep decline, price tested the support level at 1.32640, where buyers stepped in.
Bottom 2: Price rebounded but failed to break above resistance and returned to test the same support area, forming the second bottom with a nearly equal low.
Bottom 3: A final retest of the support level, again rejected with bullish momentum, completing the triple bottom pattern.
Each low was followed by a strong bounce, indicating consistent demand absorption at this support level.
🧠 Technical Structure Analysis
🟦 Resistance Zone:
The price faced consistent rejection around the 1.33850–1.33950 range, marking it as a neckline of the pattern.
This zone aligns with previous price reactions and has now been broken, signaling a potential trend reversal confirmation.
🟦 Support Zone:
Strong horizontal support was respected three times near 1.32640.
This level acts as the base of the pattern and also defines the risk (Stop Loss placement).
⚙️ Trade Setup Strategy
Component Price Level Description
Entry Zone ~1.33800+ After breakout above neckline (confirmed)
Take Profit (TP) 1.34422 Target based on measured move: height of pattern from support to neckline
Stop Loss (SL) 1.32640 Just below the third bottom, ensuring protection against false breakouts
Measured Move Target: From support to neckline = ~180 pips
Projected Target = Neckline Break + Measured Height = 1.34422
📌 Key Observations
Volume Confirmation (if available): Would ideally show increasing volume on breakout to validate move.
Momentum: Strong bullish candles confirm breakout strength.
Market Structure: Transition from a downtrend to a reversal pattern, followed by a breakout suggests a trend shift.
📋 Conclusion:
This GBP/USD setup showcases a high-probability long opportunity following the confirmation of a Triple Bottom pattern. The clean structure, defined risk (SL), and potential for upward continuation make this an attractive trade idea for short-term swing or day traders.
The bullish momentum post-breakout further validates the strength of the pattern. As long as price holds above the neckline and respects the higher lows, the bias remains strongly bullish toward the 1.34422 target.
Pattern: Triple Bottom Reversal
Instrument: British Pound / U.S. Dollar (GBP/USD)
Timeframe: 30M
Bias: Bullish Reversal
Current Price: 1.33867
🔍 Chart Pattern Overview – Triple Bottom
The chart displays a Triple Bottom formation, which is a classic bullish reversal pattern that signals the exhaustion of selling pressure and the potential beginning of a new uptrend.
Bottom 1: Formed after a steep decline, price tested the support level at 1.32640, where buyers stepped in.
Bottom 2: Price rebounded but failed to break above resistance and returned to test the same support area, forming the second bottom with a nearly equal low.
Bottom 3: A final retest of the support level, again rejected with bullish momentum, completing the triple bottom pattern.
Each low was followed by a strong bounce, indicating consistent demand absorption at this support level.
🧠 Technical Structure Analysis
🟦 Resistance Zone:
The price faced consistent rejection around the 1.33850–1.33950 range, marking it as a neckline of the pattern.
This zone aligns with previous price reactions and has now been broken, signaling a potential trend reversal confirmation.
🟦 Support Zone:
Strong horizontal support was respected three times near 1.32640.
This level acts as the base of the pattern and also defines the risk (Stop Loss placement).
⚙️ Trade Setup Strategy
Component Price Level Description
Entry Zone ~1.33800+ After breakout above neckline (confirmed)
Take Profit (TP) 1.34422 Target based on measured move: height of pattern from support to neckline
Stop Loss (SL) 1.32640 Just below the third bottom, ensuring protection against false breakouts
Measured Move Target: From support to neckline = ~180 pips
Projected Target = Neckline Break + Measured Height = 1.34422
📌 Key Observations
Volume Confirmation (if available): Would ideally show increasing volume on breakout to validate move.
Momentum: Strong bullish candles confirm breakout strength.
Market Structure: Transition from a downtrend to a reversal pattern, followed by a breakout suggests a trend shift.
📋 Conclusion:
This GBP/USD setup showcases a high-probability long opportunity following the confirmation of a Triple Bottom pattern. The clean structure, defined risk (SL), and potential for upward continuation make this an attractive trade idea for short-term swing or day traders.
The bullish momentum post-breakout further validates the strength of the pattern. As long as price holds above the neckline and respects the higher lows, the bias remains strongly bullish toward the 1.34422 target.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.