On the GBP/USD pair, the double bottom price pattern at the recent lows turned out to be valid. The exchange rate broke the neckline, and rose to the target at 1.5280 at the level of the 50-day MA. Given the broader down-trend and resistance from the 50-day MA there is a strong possibility the pair may have reached a turning point. The larger bear trend will resume but there is no sign from the price action that this is the case yet, so the short-term rally could still push higher. A clean break above the MA would lead to a move up to 1.5366, whilst a move back down would target the 1.5005 lows.