GBPUSD has broken above 1.6400 level, which is indicating the break into the upward trend and now traders will look to buy GBPUSD on dip to reasonable levels and the upward trend is still the long trend. Currently traders will focus on buying GBPUSD for anything below 1.6400 level and once the initial targets will be around 1.6580 levels. Break of 1.6580 will setup 1.6740 as next target level and that target will be equally focused by long term and short term traders. On the lower side, 1.6395 is acting as a very strong support as it is a strong weekly level as well.
The moving averages are also shaping up very well and currently the short term moving average is crossing above the medium and long term moving averages, indicating the start of buying trend. The 1.6395 level is also very close to medium term and thus this level seems a very good buying level for long term traders as well.
RSI has moved to 57 in daily charts but still seems to have more than enough space to allow GBPUSD to break above 1.6580 level and even test 1.6740 level in a single go. Use of decent stops is recommended to minimize the risks.
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