GBP/USD setting up for another rise

GBP/USD seems to have settled nicely in an upward trend and is looking to gradually hit 1.6000 level during this week. It seems to be providing Intra-day and long term as well as aggressive traders some very good entry opportunities and currently a very good buying level can be seen around 1.5750 level. The traders will look to buy around this level with targets around 1.5890 level and once GBP/USD manages to break above that level, the next targeted level will be an important 1.6000 level. On the lower side, the dip below 1.5750 will set the traders to concentrate buying GBP/USD around 1.5650 level.

Looking at the moving averages used in daily charts, GBP/USD is above the short term and medium term moving averages indicating the buying trend in those two time frames. As far as the long term moving average is concerned, GBP/USD is looking to gradually challenge the long term moving average which is expected to meet the market around 1.5975 level and thus once GBP/USD manages to break above 1.6000 level, then we will see GBP/USD taking an extended rise. RSI is just below 53 in daily charts and seems to have more than enough space for GBPUSD to make an move towards 1.6000 level.

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