GBP/USD looking for an extended break

GBP/USD is trying to get back into long term upward trend but before doing so, it has to break a few important resistance level. The first resistance level can be seen around 1.5885 level and break of that will set an important level around 1.6000 which is also an important psychological level both in daily and weekly charts. The long term and the intra-day traders will be basically looking to capture the upward trend by buying GBP/USD on retracement dips and the first reasonable level can be seen around 1.5750 level and if the retracement is extended, then the next level can be seen around 1.5615 level.

Looking at the moving averages used in daily charts, it can be seen that GBP/USD has managed to break above all the three moving averages and seems to be looking to extend the space further by making an upward move. The traders will look to target 1.5750 level for entry where short term and medium term moving averages seems to cut each other and the traders of these two ranges will b interested in that entry level. The long term traders will be looking to target 1.5615 level which is the long term moving average.

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