GBPUSD Gathering Momentum To Resume Upward Trend

GBPUSD seems to be getting back into an upward trend and currently gathering some momentum to break above into long term upward trend. Currently the 1.6370 level resistance is holding the GBPUSD down but once GBPUSD managed to gather enough momentum, then it will surely have enough strength to break 1.6370 resistance which will set up 1.6470 as next target and that is the level most long term traders will be aiming at the moment.

The intra-day traders will be hoping GBPUSD to dip below 1.6300 level on retracement dips and that will provide them some good entry levels to target a decent intra-day trade with targets above 1.6400 level.

In case GBPUSD extends it dip below 1.6300 level then the next good support and buying level can be seen around 1.6235 level which also is a good weekly support. Also the moving averages are around 1.6200 level so it can be said that in case GBPUSD takes a dip towards 1.6200 level, then it will be providing some very good entry levels for long term traders.

RSI is currently just below 60 in daily charts and thus suggests that it has more than enough space to allow GBPUSD to break above 1.6370 level and target 1.6470 level.

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