GBPUSD after taking good retracement for long term trend is getting back into its upward trend is currently looking to gather some good momentum to break above the 1.6380 level and once GBPUSD managed to do that, the next targeted resistance can be seen around 1.6460 level.
As discussed few days back that the support level around 1.6180 was critical to determine the direction of GBPUSD and from that level GBPUSD bounced back and resumed its upward trend. The traders who missed out on buying GBPUSD below 1.6200 level will be surely now looking to enter with GBPUSD taking some retracement dip again. Currently it seems that GBPUSD might not take much of the dip as it already has completed some good retracement therefore anything below 1.6300 level today seems a good opportunity especially for intra-day traders to target something around 1.6400 as profit levels.
RSI is currently just below 57 and seems to have more than enough space to allow GBPUSD to make an uninterrupted move towards 1.6460 level and also breaking 1.6380 level in a single move. The market rate has also managed to sneak above all the three moving averages being used and thus seems to indicate a good upward extended move.
Latest posts by admin (see all)
- Money Management in Forex: More Than Just Trading - February 17, 2018
- Identifying Trends through Synchronization - February 17, 2018
- Using Multiple Trendlines to Identify Better Trades - February 15, 2018
Winner’s Edge Trading, as seen on: