GBPUSD needs to move up from the ranging market and once it has broken out from the resistance, it will continue moving up towards the second resistance level. That level will be our profit target for the market. The market is currently ranging, therefore, we cannot assess its direction towards any of the side.

The descending trendline has broken out for buys but the market is still in the range. Once it breaks out from the resistance level, we will take a buy position which will give us same profits as the range.

There is no retracement area on this current setup.

EMA 50 has broken out for buys and the market is currently retesting it at the level. Once it breaks out from the resistance, the market will touch the EMA 50.

RSI is at 58. This needs to neutralize after breakout buy has happened from the resistance.

Waiting for GBPUSD to breakout from 1.2800

Aug 17 2023

Stop Loss -0.62%

Holding time 6hr

1.28004

Entry price

1.27211

Stop loss price