GBPUSD is testing the resistance level priced at 1.2050. This level needs to be breached in order for the market to continue moving up. Once broken, we will have ample clear traffic on the left hand side to give up 100 pips. Market formed the bearish trend with the lower lows and lowers highs being formed. But apart from that, we are cashing on the corerctive move which might turn into a bullish trend once the resistnance is broken.

The descending trendline has broken out for buys and the market has validated the bullish breakout.

There is no retracement indication on this pair as of now.

The EMA 50 is still blanketing the market on the upper side. The resistance and the EMA 50 both are in confluence and has the potential for the market to break past the EMA 50 to form a bullish trend.

RSI is at 48. It needs to pass beyond the 50 level in order to align with our technical analysis to continue moving up.

GBPUSD break upwards

Feb 20 2023

Stop Loss -0.75%

Holding time 3d1hr

1.20718

Entry price

1.19814

Stop loss price