Double Bottom Reversal likely for GBPAUDGBP/AUDOANDA:GBPAUDTrendDivaPrice has been moving in a clear downtrend inside a descending channel. After this recent fall, notice how price seems to have formed a double bottom. This particular pattern often shows up after a big decline like so. The neckline, is a key level to watch now, and price is starting to break above it. A strong breakout candle can confirm this pattern, but the safer play is to wait for price to come back and retest the neckline. If the old resistance now holds as support, that’s the ideal spot to join the move. The projected target comes from measuring the height of the double bottom and adding it to the neckline. In this case, the upside target points towards the 2.0539. A stop loss can be placed either below the neckline after retest, or more conservatively below the second bottom. The one-hour double bottom can be reliable too, but its reliability is more dependent on volatility, unexpected events, and overall market conditions. For now, if the neckline holds on a retest, and shows good rejection, there's a high probability price will be pushing higher.