GBPUSD is consolidating just above the key 1.5000 psychological level. The recent downside momentum has stalled and the pair has been trading between 1.5033 and 1.5268 for the past week, waiting for a catalyst. The 1.5033 level is acting as immediate support and a break below this would expose the July 2013 low at 1.4811. Upon reaching this level GBPUSD would have retraced the entire move up from 1.4811 to 1.7190 (July 2014 high).
The overall trend for GBPUSD is currently bearish as the market is below the daily Ichimoku cloud and the 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.
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