GBPUSD Setting Up For A Dip Below 1.6100 Level

GBPUSD seems to be setting itself up for a decent move below 1.6100 level and mostly traders will be looking to sell it above 1.6275 level and put initial targets at 1.6100 level. Break of 1.6100 level will setup 1.5725 as next target level which also is a very strong weekly level.

The conservative traders will be hoping to get GBPUSD around 1.6350 level which seems a very good and ideal selling level for GBPUSD at the moment. The reason for that is 1.6350 level is a strong weekly level and selling around that seems pretty logical. In case GBPUSD extends its retracement above 1.6350 level, then the next selling level can be seen around 1.6420 level.

Currently GBPUSD is nicely placed below long term and medium term moving averages and 1.6275 is touching long term moving average while 1.6420 is around current medium term moving average. Thus overall the moving averages are indicating good selling levels for GBPUSD.

RSI is just below 42 which is a bit on lower side but still seems to have more than enough space for GBPUSD to take a dip below 1.6100 level. In case GBPUSD takes some further retracement, it will really open up some reasonable space to take a sharp dip.

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