Prints session high above 1.18, double bottom on hourly chart

• GBP/USD’s hourly chart shows a double top reversal pattern. 
• A break above 1.934 would imply a double top breakout.

GBP/USD jumped to a session high of 1.1817 soon before press time and is currently trading at 1.1805, representing a 0.40% gain on the day. 

Broad-based dollar losses seem to be powering gains in GBP/USD in Asia. The dollar index, which tracks the value of the greenback against majors, is currently trading at 101.48 – down 0.30% on the day – having hit a high of 101.91 early Wednesday. 

The hourly chart shows the pair is printing a double top bullish reversal pattern on the hourly chart. Acceptance above the neckline resistance at 1.1934 would confirm breakout or a bearish-to-bullish trend change and open the doors to 1.24 (target as per the measured move method). 

Hourly chart

Trend: Bullish above 1.1934

Technical levels