GBPUSD has been in a bullish trend since long, forming higher highs and higher lows. Market is at the resistance level and if it drops down from here, it will form a double bottom from where we will go long on the pair.

There is an ascending trendline that has been breached but the structure still remains bullish as the market is trending upwards. Therefore we cannot completely rely on the breakout of the trendline. 

The EMA 50 ranging between bulls and bears. It needs to clear direction on one side which should be bullish. We do not certaiinly think that EMA 50 will be triggered for a massive dump. We are waiting for the bullish confirmation on the EMA. 

RSI is at 51. It needs to dump into the over sold region where a bullish divergence can be formed and the charts are residing on the support level as mentioned earlier.

GBPUSD longs from double bottom

Apr 18 2023