GBP/USD all set for a dip

 

GBP/USD seems to be nicely placed and setup for an extended dip along the long term downward trend. The traders will look to sell GBP/USD for something around 1.5675 level and if the retracement is extended, then the next level to enter again and to average out both position can be seen something around 1.5765 level. The initial profit level can be seen around 1.5550 level and in case the market seems to be getting momentum, the traders might look to extend their profit targets towards 1.5765 level.

 

Looking at the moving averages used in the daily charts, GBP/USD is currently below long term and medium term moving averages but is just above the short term moving average. Once GBP/USD manages to break below the 1.5600 level, it will be below the short term moving average as well and will be all set to make an extended move towards 1.5540 level. In case GBP/USS manages to break above the medium term moving average, then the next target will be the long term moving average which is currently present around 1.5765 level. The RSI is just above 47 and seems to have more than enough space to make an extended move downward.

 

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