GBP/USD is currently in a very interesting zone where it can break in either direction and traders really have to plan their risks properly here so that if their traders goes wrong, all is not lost as the move is expected to be an extended one. On the below side 1.5900 level is an important one as once GBP/USD manages to break below that level, then it will get back to downward trend and will next target 1.5780 level and once that level is broken then the profit targets will be really extend for the traders. On the upper side 1.6000 level holds the initial key being long term level. Once GBP/USD breaks back above 1.6000 level, it will next look to target 1.6180 level and break of that will also open up extended targets in upward trend.
Looking at the moving averages used in daily charts, the market is above the long term and medium term moving averages and based on that traders will look to buy GPB/USD ideally around the dip towards the moving average which are 1.5900 and 1.5800 levels based on long term and medium term moving average’s current level. RSI is around 55 in daily charts and seems to support movement in both directions.
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