GBPUSD seems to have smoothly taken a dip towards 1.6240 level and seems to have completed its retracement and now getting back into its upward trend. As predicted in last few analysis reports, GBPUSD was looking to aim 1.6240 for its retracement. Now it seems that GBPUSD is looking to head initially towards 1.6370 level and once it is able to break above that level, the next targeted resistance can be seen around 1.6470 level.
The short term moving average is still above the current market level but GBPUSD will cut above that moving average once it will reach the 1.6370 level and once GBPUSD breaks above that level, then an extended upward move can be expected.
On the lower side, if GBPUSD takes another dip and manages to extend its retracement below 1.6200 level, then the next level around 1.6120 will come into focus and traders will try to buy around that level for GBPUSD to resume its upward trend.
Currently the traders who missed out on entry around 1.6240 level will be hoping for GBPUSD for another move below 1.6250 level to buy GBPUSD. The RSI is also just below 57 and have more than enough space for GBPUSD to make a move towards 1.6370 and break towards 1.6470 in one single move.
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