GBP/USD has broken all the support levels and is trading below medium term moving averages. It has been in a downtrend from 1.6786 moving to 1-month low. Currently, the pair is trading near the crucial trend line. RSI is cooled off from the sell mode in daily charts. In Asia's trading session, the pair is trading at the level 1.6488. In the Hourly charts (H1&H4) RSI is giving a buy signal. The pair is in a consolidation mode, we will see a huge spike in coming 1 or 2 trading days (pull back). We recommend to buy this pair at this current price or in a dip for 1 or 2 days perspective towards 1.6529, 1.656, and 1.659.
On the down side, if the pair break the lower trend line, it will drift up to 1.6426, 1.6383, and 1.6252. The crucial support levels exist at the level of 1.6252 and 1.6561.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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