Forex: GBP/USD rises to 1.6190; potential double bottom

FXstreet.com (Barcelona) - Pound retreat from 1.6170 high on early Asian session has found support at 1.6100, and the pair bounced higher through the London trading session to hit fresh day highs at 1.6190, and forming a potential "double bottom" pattern.

The pair is struggling at 1.6170/80 resistance area, (Day high/intra-day level), with next resistance levels above here, at 1.6225 (Jun 16 high) and 1.6275 (intra-day level). On the downside, support levels are 1.6080/00 (Jun 16 low/day low), 1.6055 (May 20 low), and 1.5935 (March 23 low).

Today's recovery from 1.6100 level has shaped a potential double bottom at 1.6100 with resistance at 1.6170/80 seen as intervening reversal point which, if breached, could drive the pair towards 1.6275 resistance area.