GBPUSD is in a bearish trend on higher time frames. In order to go long on this pair, we need to wait for some sort of range for accumulation towards the mark up. That being said, we haven't seen any higher highs or higher lows on the pair right now. We still have a higher high 200 pips above the current price. Till the previous high is pierced, we will be only taking the corrective moves.

The descending trendline has been broken out for buys and the market has the potential to retrace and then continue in line with the breakout buy.

The retracement area is in confluence with the support region with the retracement level being at 78.6%. This tends to have a bullish impact if we see a bullish candle printed at this level. 

The EMA 50 is still bearish and needs to be tapped. The tap on this EMA will indicate the further decision on the pair as to either it will head bearish or bullish. We can also have a long term profit target at the retest of the EMA 50.

RSI is at 50. Market is already at the neutralized levels. We will have the market at the over sold area once the prices fall to the support level. This would add as a technical factor for our long position.

GBPUSD buys from 1.1450

Sep 06 2022