GBPUSD Looking To Test 1.6470 Level

GBPUSD has taken some good moves in the last few days and currently is testing an important resistance level at 1.6470 level. For the time being it seems that GBPUSD has achieved its target as the holidays are coming and mostly traders will prefer to stay out of market during an off day. Mostly we will find traders choosing to get out of the market before the end of the day and start fresh on Tuesday and see how the markets trend sets itself.

In case GBPUSD manages to break the 1.6470 early today, then we might see GBPUSD getting towards 1.6590 level and that move can be a quick one. Before the end of the day a dip is expected as mostly traders will taking profits from their buy positions both in long term and medium term.

On the lower side, the initial dip will be towards 1.6370 level and traders might look to buy GBPUSD again around this level especially the trader targeting long term trades. RSI is also getting on the higher side just around 65 but seems to have more than enough space to allow GBPUSD to break above 1.6470 level and make a move towards 1.6590 level by the close of today’s trading.

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