GBPUSD quite before breaking towards 1.6150 level

GBPUSD seems to be taking a breather during last few days and being traded in a sideways trend. Now it seems that it is setting up for a move towards 1.6150 level which might well extend towards 1.6250 level.

On the lower side traders will aim to buy around 1.6075 level and, dip below that will test 1.6035 support level next. In general the Long term trend comfortable seems bullish and mostly traders will be focusing on buying GBPUSD on retracement dips.

GBPUSD taking a breather before dip

GBPUSD after taking a good dip earlier this week seems to take some retrace and gradually head towards 1.5715 level and from there it seems to take another good dip towards 1.5530 level. RSI is around 43 in daily charts and don’t seems to play much part in this moment at the moment.

On the upper side, a good weekly resistance can be seen at 1.5785 and if GBPUSD manages to break above that level, then we will be looking it to target 1.5855 level.

GBPUSD looking for retracement

GBPUSD seems to take retracement towards 1.5125 level and then will look to resume its upward trend. In case this dip is extended, then traders will looking to buy GBPUSD at 1.5000 level which also seems a very good long term buying level as well. If GBPUSD breaks below 1.5000 level then we will be looking at reversal of trend. 

On the upper side, initial targets are seen around 1.5300 level and once GBPUSD manages to break above that level, we will be looking for GBPUSD heading towards 1.5500 level.