GBP/USD setting to resume upward trend

GBP/USD seems to be setting itself up for upward move in the long term trend and traders will be basically looking to trade GBP/USD on dips to primarily around 1.5860 level but more conservative traders will look to trade around 1.5820 for initial targets around 1.5830 which can be further extended towards 1.6000 level.  In case GBP/USD breaks below 1.5820 level, the dip is expected to go towards 1.5720 level.

Looking at the moving averages used in the daily charts, it can be seen that the GBP/USD is currently above all the three  moving averages used in the daily charts and traders will primarily look to enter around 1.5860 level where short term moving averages seems to cut medium term moving average. In case the dip is extended below 1.5860 level, the next entry level can be seen around 1.5820 level where the long term moving average is currently moving at the moment. Overall the moving averages and current position of GBP/USD is strongly suggesting the upward nature of the GBP/USD and mostly traders will be following that. Looking at the RSI used in daily charts, it can be seen that it is around 53 and seems to support extended move in both directions.

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