GBPUSD eyeing 1.57000 levels breaking Thru 1.55987 Resistance line

Currency Pair:                     GBPUSD

Recommendation:                    buy

Volatility:                               150

Entry Point:                          1.56212

Stop Loss:                           1.55762

Take Profit:                         1.57262

Support:                              1.55987

Resistance:                          1.57487

RSI:                                      57.54     

Support Resistance

In the daily chart of the GBPUSD, the price is targeting to break the resistance level which is 1.55987 to continue the bullish trend for the long position. After breaking the resistance it will now be the new support the new resistance level can be found at 1.57487.

Trend Indicator

The 5, 10, and 20 day moving averages of the currency pair in the daily chart is moving below the current price, a clear indication of a bullish momentum. The 5 day moving average is currently moving above the 10 moving average, with the 20 day moving average moving below the 5 and 10 day moving averages.

Oscillator

In the daily chart, RSI (14) is seen to be at the 57.54 mark. This indicates a higher possibility for a bullish momentum.