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GBP/USD Morning Star Pattern for Bullish Continuation

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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.