All go for GBP/USD

GBP/USD seems to be on its way in the downward trend and the traders who missed out on entry points will now hope to get GBP/USD for some reasonable level once it take some retracement. One such level can be seen around 1.5565 level and aggressive and intra-day traders will be specially interested in selling GBP/USD around that level. In case the retracement of GBP/USD is extended above 1.5565 level, then the next selling level will be around 1.5685 level and long term traders will be really keen to capitalize around that level. On the lower side, 1.5450 can be seen as the initial target and break of that seems to be setting 1.5350 as next target level.

 

Looking at the moving average used in the daily charts, it can be seen that GBP/USD has managed to move well below all the three moving averages used and a good entry point can be seen around 1.5565 level, around which the short term and the medium term moving averages seems to be cutting each other. Looking at the RSI used in the daily charts, it can be found just below 45 level and it seems to have more than enough space to allow GBP/USD to take an extended dip.

 

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