GBP/USD looking to target 1.6500 level

GBP/USD seems to be setting itself for a nice move towards 1.6500 level and might even to break towards 1.6650 level. Currently it seems to be trapped in sideways channel and an important level can be seen at 1.6430 level and once GBP/USD manages to break above that level, it will be looking to head towards 1.6650 level. Mostly traders will be looking to buy GBP/USD around 1.6300 level and use trailing stop loss to extend the profits in case it breaks towards 1.6650 level.

On the lower side if GBP/USD break below 1.6310 level, next important level can be seen around 1.6215 level and break below that will open up downward trend and traders will reverse their entries if GBP/USD manages to do that.

Looking at the moving averages in daily charts, 1.6215 levels seems to be the key and it seems that market will stay above that level and only if it breaks below, then the reversal will be indicated as the GBP/USD will then sneak below all the moving averages. RSI is just above 55 and seems to have more than enough space to allow GBP/USD to make an extended move towards 1.6650 level and this will again keep the market in upwards trend.

 

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