As GBPUSD is bullish, like all other GBP pairs, it has been forming a bullish trend with the higher highs and higher lows on the surface. With that, market just brok the resistance and is now going to retest it as a support, from where, the market may form another impulse towards the bullish side. 

The ascending trendline is carpeting the price action and has the tendency to be retested at the support level from where the market can reject and continue moving up.

EMA 50 is blanketing the price action towards the bullish side. There might not be a retest on this.

RSI is at 71, and is currently near the over bought region. Once it shallows down towards the neutralized level of 50, market may align with the technical factors for the continuation upwards.

This setup is a conventional breakout and retest setup.

GBPUSD breakout and retest

Jul 11 2023

Stop Loss -0.51%

Holding time 7d13hr

1.28410

Entry price

1.27758

Stop loss price