Things have changed drastically since the Russian Ukraine saga started. The world state of affairs are in a pint of tight restrictions and bans. Trading gets easy as well as really risky in this tough conditions.

To look at GBPUSD, we are looking for a long position. Market dropped drastically at the price point of 1.3370. After the drop, market started to rise back up and candles opened and closed above the support level, hence, validating the point of confirmation of a bullish signal. Market on a higher time frame has formed higher highs and higher lows. But on the H4, it dropped drastically and now started to move up.

There is no trendline indication on the GBPUSD as of now, since there were no swing points created to pivot the trendlines.

We have a minor retracement level, where the golden retracement level of 75-78.6% are in confluence with the support. This is the area we are looking to go long at.

Both EMA's are bearish and have a bearish death cross. Market broke out for sells from EMA's. The retest is still due at the resistance level. The retest will be our potential profit targets.

Both the oscillators, RSI and CCI have been dragged down in an over sold region after the massive meltdown. After that, the oscillators created a divergence, which is depicted with the trendline. This upmark of the oscillators are aligned with the price action started to move up from the support level.

GBPUSD is bullish in our analyses, but given the fundamental spectrum, technicals can be suspended for a little while till the situation tames down.

Feared market due to war!

Feb 27 2022

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