Technical Analysis – GBPUSD falls to new 15-month low

December 24, 2014

GBPUSD extended lower on Tuesday, recording a new 15-month low of 1.5484. 1.5500 is a key level. A daily close below this would strengthen the possibility of another leg lower.

The bearish trend is intact and has been strengthened as prices fell below the tenkan-sen and kijun-sen lines. RSI is in bearish territory below 50, highlighting the downside bias. The bearish outlook is reinforced by the market being below the Ichimoku cloud and the failure to break back above the 61.8% Fibonacci retracement level of the 1.4811 to 1.7190 upleg.

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