GBPUSD downside bias strong after reaching 5-year low

April 14, 2015

GBPUSD fell to the lowest level since 2010 on Monday, touching 1.4564. The pair failed to break above resistance of 1.5008 and now the bias remains to the downside.

The bearish market structure is highlighted by the falling tenkan-sen and kijun-sen lines, as well as the market being below the Ichimoku cloud. Also the RSI is below 50 in bearish territory. The outlook will remain bearish unless there is a rebound back above 1.5551 (the high of February 26). Otherwise, there is scope to target 1.4228 (2010 low) and then 1.3503 (2009 low). GBPUSD has been making lower highs and lower lows since falling from the mid - 2014 peak of 1.7190.

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