GBPUSD has been in a bullish trend on all timeframes and has a further upwards potential for the market. This markup is anticipated from the support level priced at 1.2020. We are looking at this price to go long from the support. Apart from this, market has formed higher highs and higher lows which means, market is still trending up in the market. We will wait for a bullish market price action for taking the position.

The descending trendline has broken out for buys which means, the breakout buy is in confluence with the trend of the pair. Breakout buy has been validated as well. Now, we just wait for a slight retracement for the market to continue moving up.

The retracement level of 61.8% is at the support level. This retracement is also a stop hunt level for the market.

The EMA 50 is in a bullish structure still, marking an uptrend for the market. This uptrend might retest at the support level with confluence of support and retracement level. Temperorily, the market has broken the EMA 50 towards the bearish side but that being said, there is a chance market moves back towards the solid side towards the bullish trend. 

The RSI is bearish at the level of 34. This level of RSI needs to be responsive at the over sold region with the bullish divergence formation. With this, we will get a massive push up towards the resistance of our profit target.

GBPUSD buys from 1.2024

Aug 16 2022