GBPUSD, as expected, is taking a good retracement dip. The biggest indicator indicating the dip was the high value of RSI and other currencies also seems to follow the GBPUSD retracement. Currently the support level can be seen around 1.6380 level and if GBPUSD extends its retracement below that level then the next support can be found around 1.6290 level which also happens to be a good weekly support as well.
GBPUSD seems to have touched its first moving average target and is just creeping below the medium term moving average and now seems to be looking to head towards the long term moving average. The aggressive traders might look to try out buying GBPUSD for anything below 1.6380 level but keeping conservative traders in mind, 1.6290 levels seems a very suitable and strong one.
RSI has dropped down to 51 and the overall scenario seems to be to wait for GBPUSD to completed the current retracement dip towards 1.6300 level and then buy GBPUSD for targets around 1.6600 and if the momentum seems to be continuing, then the profit level can be extended to 1.6750 level. Selling still seems a short term trend and only intra-day traders might look to trade GBPUSD for that.
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