GBP/USD gradually moving into upward trend

GBP/USD is gradually looking to break into an upward trend and traders will generally look to buy GBP/USD for an upward trend. The aggressive traders and intra-day trades might look to buy something around 1.6000 level which also is a psychologically important level. In case the GBP/USD takes further dip below 1.6000 level, the long term and aggressive traders will look to buy around 1.5930 level. The initial target can be seen around 1.6090 level and extended targets can be seen around 1.6155 level.

Looking at the moving averages used in the daily charts, it can be seen that GBP/USD is well above all the three moving averages. The traders following the moving averages for entry points will look to target around 1.5930 level where the short term moving average seems to cut each other and that seems to be the entry target for medium term traders. The long term traders might wait to enter around the level where the market will touch the long term moving average which is somewhat around 1.5850 level. RSI in daily charts can be seen around 61 level and seems to have more than enough space for GBP/USD to make an extended upward move.

 

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