GBPUSD Taking A Breather

GBPUSD seems to be taking a breather before resuming its upward trend. Currently it is testing an important resistance at 1.6370 and GBPUSD seems to be gathering some momentum before it can make a move to break above 1.6400 level. GBPUSD might stay in sideways trend for some time and might also look to take some retracement dip before testing 1.6370 once again.

Traders will be basically looking to capture GBPUSD on its retracement and a dip will provide traders of all time frames with some very good entry options. A very good weekly support level can be seen around 1.6240 and in case GBPUSD takes a retracement, the 1.6240 level will be main focus level and traders will look to buy GBPUSD around that level.

On the upper side, once GBPUSD manages to break above 1.6400 level, its next resistance level can be seen around 1.6565 level and mostly long term traders will be looking to target that level.

The RSI is around 60 and seems to have good space in it to allow GBPUSD to make a move towards 1.6565 level. All moving averages are also indicating a good upward level so basically that will be the main trend. Intra-day trader might just target their profits below 1.6500 level at 1.6485 for today otherwise long term traders will look to target 1.6565 level.

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