GBPUSD is at the moment in a very important zone and both long term as well as Intra-day traders will be holding back their trades and wait for GBPUSD to break out in any direction. GBPUSD is currently trapped between long term and medium term moving averages and break on either side is possible.
If we consider the upward trend, then 1.6150 is an important level and break of that level will target 1.6210 level next and will also open up the upward trend ranges. Aggressive trades hoping that GBPUSD will break upwards will look to buy GBPUSD around 1.6100 level.
Considering the downward trend, GBPUSD seems to have taken a perfect retracement to 1.6150 level and once manages to break below 1.6080 level, the next level GBPUSD will be targeting is 1.6035 and traders will be aiming for profit levels well below 1.6000 level.
RSI is also just around 50 and thus indicates that it will support the break in either direction and itself don’t have any part to play in the market movement or the direction of market. The market might stay in range before breaking into either direction and short term traders might benefit from this situation. As far as long term traders are concerned, they will be mostly waiting for GBPUSD to make its move and break in any direction and mostly will be trading on breaks.
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