GBPUSD retraced back to a support level of 1.2220 in a bullish trend. This trend will continue moving up from the support level. The market has already formed higher highs and higher lows and currently tapping the support level. We will be going long from this support level as the trend is bullish.

The ascending trendline is being tapped by the market and we are seeing a potential rejection. This trendline will confluence with the support level as the rejection is taking place. 

The support level is in confluence with the retracement area of the golden levels at 75-78.6%. This retracement will also contribute to the bullish factor of the move.

The EMA 50 is below the price action and the market prices and may not tap the EMA as a rejection standpoint. Therefore, we will be ignoring the EMA for this particular setup as the trend is already bullish.

The RSI is at 56 with the region being bullish and has the potential continue moving upwards towards the over bought area. Till then, we are safe to continue buying and going long on the position.

GBPUSD bullish move from support

Aug 02 2022

Stop Loss -0.68%

Holding time 1d22hr

1.21290

Entry price

1.20470

Stop loss price

1