GBP/USD setting up for a long term dip

GBP/USD might have been rising and moving nicely in an upward trend in medium term trend but in the long term trend, it is setting up itself for a very nice dip. Currently 1.5640 level seems a very good long term selling level and long term traders will be really interested in selling GBPUSD around that level for initial targets around 1.5450 level. Although the medium term and intra-day trader might just target 1.5535 level but the long term traders will surely be looking to target something around 1.5450 level and might even think of extending the profit target below 1.5400 level. On the upper side, break above 1.5640 level, will set 1.5730 as next target and mostly traders will hold up till the time the market comes back below 1.5640 level and in case GBP/USD manages to break above 1.5730 level, then surely there will be indication of reversal of long term trend and traders will start focusing in upward trend.

Looking at the moving averages used in the daily charts, it can be seen that GBP/USD is above all the moving averages and around 1.5550, the short term moving averages is touching the long term moving average and this level seems to hold the key as break below that level will resume the long term downward trend.

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