GBP/USD Technical Analysis

• GBP/USD has formed a morning star pattern
• We should see bulls getting stronger
• The CPI data has made a fake candle on a daily timeframe
• Higher bullish momentum happens if the M H3 resistance breaks

DAILY CHART GBP/USD

1. Historical buyers moved the price up
2. Retracement happened at the Q H3 level
3. 88.6 and trendline provided another bullish confluenceThe price came exactly from the M H3 down to form another wave of potential buyers. By looking at the price structure we can clearly see the morning star pattern. This is the indication of a possible move to the upside with bullish momentum. If we see a spike above M H3 1.3850ﾂ then the next level is 1.3940 possibly followed by 1.3975. At this point this is looking like bullish scenario.