GBPUSD had been in a bullish trend, structuring the higher high and higher low, Right now, being at the resistance, the market might take a dip, where we will be shorting. It should be noted that the market is just going to retrace till the support level, where we will take profit. 

The ascending trendline has broken out for sells and has already validated the price action. The other trendline breakout sell just occurred recently. Hence, proves that there is a probability for the dive down.

The retracement level of 61.8% is in confluence with the resistance level and has the potential to throw the market down. 

EMA 50 is bullish. But, as the market is ranging, there is a chance for EMA 50 changing its direction towards the bearish side.

RSI is at 55. It needs to either fall into the bearish region, or go ahead on to the over bought region for the purpose of forming a bearish divergence.

GBPUSD at the resistance 1.2470

Apr 26 2023

Stop Loss -0.50%

Holding time 2d1hr

1.24636

Entry price

1.25257

Stop loss price