GBP/USD back in upward trend

GBP/USD seems to be getting back into an upward trend in long term scenario as well once it manages to break above the 1.5640 level and the long term and short term traders both will now be only focusing to buy GBP/USD on dips to some retracement levels. One good retracement level can be seen around 1.5640 level and once GBP/USD takes a dip towards that level, the trader will look to buy GBP/USD for initial targets around 1.5770 level and in case GBP/USD manages to gather enough momentum to break above the  1.5770 level, it will next look to target 1.5850 level. On the lower side, the break below 1.5640 level will set 1.5575 as next level in focus. The 1.5575 level carries a lot of importance as break below that level will reverse the long term trend back to downward.

Looking at the moving averages used in the daily charts, it can be seen that GBP/USD has managed to sneak above all the three moving averages and in case of retracement, it will first look to touch short term moving average, which will around 1.5640 level and then it will look to touch long term moving average around 1.5575 level.

 

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