GBP/USD keeping up the momentum

GBP/USD is moving nicely in a downward trend and currently is looking to setup nicely for a nice downward move. The traders will currently look to sell around 1.5650 level on retracement for a nice downward move and in case the retracement is extended, the next level can be seen around 1.5750 level. The traders will initially look to target 1.5540 level and most of the traders will look to extend the profits towards 1.5460 level.

 

Looking at the moving averages used in the daily charts, it can be seen that the GBP/USD has managed to break below all the moving averages and traders looking to sell GBP/USD will look to initially target entry around the level where short term and medium term moving average are crossing each other and can be seen around 1.5650 level and if the market moves above the short term and medium term moving average, it will next look to touch the long term moving average which is just around 1.5800 level and that will be a good target for entry for traders looking to trade in long term scenario. The RSI is just above 44 in daily charts and seems to have more than enough space to make a move towards the 1.5500 level.

 

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