GBP/USD seems to have broken into an upward medium term trend once it has sneaked above the 1.5575 level and will not look to target 1.5710 level and if the momentum continues, GBP/USD will look to target 1.5885 level next. The aggressive and Intra-day traders will look to buy GBP/USD around 1.5575 level and ideally look to exit above 1.5850 level and then might look to reverse the transaction. On the lower side if the market manages to break back below 1.5575 level, then it will next look to target 1.5420 level and break of that will confirm the confirmation of downward trend.
Looking at the moving averages in the weekly charts, it can be seen that the GBP/USD is just above the short term moving average and in the daily charts it also has just move above the short term and medium term moving average. In both weekly and daily charts the 1.5575 level holds the key and if the market stays above it, it will continue to rise otherwise in case of break below, the downward trend will be the taking over. RSI has risen to 45 in daily charts with the current upward move and will support an extended move in both directions.
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