GBPUSD has been in a bearish spiral, until recently, it started to build up the bullish momentum. This momentum was identified once the market started to form HH and HL's. The next HL should be formed at the support price level of 1.3200. This will be the pivot point for us to go long. Our profit target would be the next resistance.

The market has broken out for buys, from the descending trendline. The candles have validated the breakout buy by candles opening and closing above the trendline. That being said, we also witness a support trendline forming, with the market tapping and rejecting it at the wick. Even if this trendline is broken out for sells, we still need to ascertain the treand, which seemingly appears to be bullish.

The golden reracement area is in confluence with the support at the price of 1.3200. This confluence can act as a catalyst for the market to gain momenutm upwards.

Both the EMA 50 and EMA 200, is in a bearish trend, with a breaish deat cross. The EMA 50 has been retested plenty of times, which makes it susceptible to be broken out. This breakout is what we anticipate on GBPUSD.

Osclliators don't show any direction currently. We need the market to neautralize itself in order to fill the makret orders. Currently, both the oscillators are near their neutralized levels. 

GBPUSD has a decent bullish setup, with 3 technical factors aligning. We would be looking to go long. Once the market breaks the support level, we will be out of the market.

3 factor confluence buy on GBPUSD

Dec 13 2021

Take Profit +0.99%

Holding time 2d8hr

1.31970

Entry price

1.33270

Take profit price

2