GBPUSD is in a bullish trend with the formation of higher highs and higher lows. This means, market is in an uptrend. We are looking for the support level also forming a tripple bottom at the price of 1.2330. We will take buys from this area after looking at the bullish engulfing or pinbar.

The descending trendline is due for a breakout buy and the market may push pass the trendline. 

The retracement level of 61.8% is in confluence with the support level from where the market. can margin upwards to form another higher high breakiing past the previous high.

The EMA 50 is stuck in a range along with the price action and the parameters on the technical side. We need a solid confirmation of the EMA 50 at the level out of the range.

RSI is at 55. This RSI needs to be revalidated at the 50 level of neutralization. Once market drops back at the support and we have the RSI at the 50, we have a good plan to continue moving up.

GBPUSD buys from 1.2330

Feb 01 2023

Stop Loss -0.67%

Holding time 11hr

1.22967

Entry price

1.22149

Stop loss price