GBPUSD consolidates, bearish bias remains

March 27, 2015

GBPUSD has paused its sharp decline from 1.5551 to 1.4634 and is consolidating between 1.4806 and 1.4993. The near term bias is neutral and this is indicated by the flattening out of the tenkan-sen and kijun-sen lines.

The overall outlook remains bearish as the market remains below the Ichimoku cloud. RSI is in bearish territory below 50. The pair has been making lower highs and lower lows since the July 2014 peak of 1.7190. An upside move would find resistance at 1.5551 and at 1.5605 – the 38.2% Fibonacci retracement level of the downleg from 1.7190 and 1.4634. A break below 1.4634 would open the path towards the 2009 low of 1.3503.

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