GBPUSD is testing the support level at the price of 1.1935. 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. This level has been respected and the market started to move up. The market started to range and the market is managing through support and resistance. 

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. 

There is no retracement leve in this setup as its the ranging market.

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 56. It needs to retest the 50 level in order to get on to the buying level.

GBPUSD another bottom out longs

Mar 03 2023

Stop Loss -0.41%

Holding time 0hr

1.19394

Entry price

1.18906

Stop loss price