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EURGBP Adam and Adam pattern suggests buying into dips

Discussion in 'Technical Analysis' started by FXStreet_Team, Oct 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EURGBP broke higher after strong rejection from 1.1340 zone and worse than expected CPI. We can see W variant pattern – Adam and Adam. It is a double bottom pattern which is recognized by rejections at the bottom (pins)- point A. Bounce from the bottom indicated by pinbar rejections is valid when price breaks point B . Overhead resistance usually marks a good price target which in this case, is showing a confluence with 50.0 fib and inner trend line – point C on the chart. Adam and Adam is

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