GBPUSD is testing the support level at the price of 1.2000. This level needs to be respected in order for the bullish impulse move on the pair towards the higher side. That being said, the double bottom is in formation and the impulse move upwards can pass through the previous resistance of the market. 

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 retracement level of 61.8% is in confluence with the support level. 

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 41. It needs to pass beyond the 50 level in order to align with our technical analysis to continue moving up.

GBPUSD still testing the support

Feb 24 2023