GBP/USD has finally managed to break above 1.6000 level and back into the upward trend. Now all the traders from all time frames will look to buy GBP/USD on retracement dips. One good retracement level can now be seen at 1.6000 which previously was acting as a strong resistance, has now turned into a strong support. A dip below 1.6000 level can lead towards 1.5900 level but since 1.6000 is a good long term level therefore it is expected to hold strong. On the upper side, the initial targets can be seen around 1.6200 level and break of that will set next target around 1.6300 level.
Looking at the moving averages in daily and weekly charts, it can be seen that GBP/USD has managed to break above an important level around 1.6000 level and that level was the key. The lines are still around that level and that level has become a good entry point for future trades.
Looking at the RSI used in daily charts which is around 66, it seems that it might push GBP/USD a bit downwards after some further rise. Once GBP/USD takes a dip towards 1.6000 level, it will surely open up nicely to setup GBP/USD for an extended move.
For More, CLICK HERE
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
