GBP/USD back in downward trend

GBP/USD after taking some retracement and sideways movement has settled back in the downwards trend. The current target can be seen towards 1.5835 level and traders will be looking to sell GBP/USD currently around 1.5950 level. In case the GBP/USD extends the upward movement above 1.5835 level, it will then test 1.6050 level and traders will then look to sell and average out positions around that level. The initial target will be around 1.5835 level and once GBP/USD manages to break below that level, it will be targeting 1.5750 level next. GBP/USD is not expected to take much dip below that level without taking reasonable retrace or being traded sideways for some days. The current dip towards 1.5750 level, it will be touching the bottom of the current downward trend and it will be difficult for it to break out of this channel. The RSI is around 36 in daily charts and seems to gradually getting out of space for dip and if GBP/USD take a dip towards 1.5750 level.

The moving averages are also pointing downwards and the short term moving average is just above 1.6000 level and that is the level the traders should be looking to sell GBP/USD at the moment.

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