GBP/USD looking to target 1.6000

GBP/USD is moving in a nice upward long term trend and has managed to break above 1.5800 level and seems all set to touch 1.6000 level. Once it manages to break above 1.6000 level, we might see an GBP/USD staying above that level for some time and initially it will target something around 1.6100 level. The traders will look to buy GBP/USD on dips to reasonable levels and once good retracement level can be seen around 1.5865 level and in case GBP/USD extends its retracement, it will look to touch 1.5795 level which level is also targeted by the long term traders.

Looking at the moving averages used in daily charts, it can be seen that currently GBP/USD is above all the three moving averages and in case of retracement will look to touch the short term moving average around 1.58600 level where short term moving average is cutting medium term moving average and it seems the ideal entry point for traders and in case GBP/USD manages to break below that level, it will look to touch long term moving average which is around 1.5795 level. RSI is just above 60 in daily charts and seems to have more than enough space for an extended upward move.

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