GBP/USD seems captured in sideways range

GBP/USD seems to be moving between a range that unless it break to a side, the long term traders might not be interested in executing their trades. Currently GBP/USD is looking to target the 1.6200 level and break below that will be open up 1.6000 level for next target. Long term traders will be waiting for that break and once it is confirmed, that will open up the opportunities. On the upper side, 1.6330 level is holding the market down and once GBP/USD manages to break above that level, it will be looking to target 1.6450 level.

 

If we look at the moving averages in the daily chart, we can see that GBP/USD is currently below the short term moving average which is currently around 1.6330 level and suggests that if market moves above that level, then the upward trend will come into effect in all time frames. On the lower side we can see long term and medium term moving averages around 1.6200 level and if GBP/USD manages to break below that level, then the downward trend will come into effect in all three time frames. Looking at the overall situation, it seems that market is enclosed by these two level and short term traders will look to between that range.

 

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