GBP/USD taking extended retracement

GBP/USD is taking some retracement and this retracement is a bit more extended than expected but at the same time, this retracement is providing both long term and aggressive traders some good entry points. Traders will currently look to sell GBP/USD around 1.5670 level where is the market is currently holding itself and the traders, at the same time will hope that they get another entry something around 1.5750 level which is a good long term resistance and will look to initially target 1.5550 level and once the market gathers enough momentum to break that level, the next targeted level can be seen around 1.5460 level.

 

Looking at the moving averages used in the daily charts, it can be seem that GBP/USD has managed to break above the short term and medium term moving averages and is looking to head towards the long term moving average and the long term moving average seems to be meeting the market somewhere around 1.4750 level. Once GBP/USD manages to break above the long term moving average, only then it will indicate the upward trend in long term scenario. The RSI is approaching 53 in daily charts and will be supporting extended move in both the direction.

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