GBPUSD bottoms at 57-month low, bearish bias remains

March 19, 2015

GBPUSD touched a 57-month low of 1.4634 on Wednesday but bounced on the same day to a high of 1.5163. For now there is short-term bottoming at 1.4634. The underlying trend is bearish so the recent rebound is seen as a correction. Upside is seen to be limited at 1.5551 – the February 26 high. Above this the 38.2% Fibonacci retracement of the downleg from 1.7190 to 1.4634 at 1.5610 is also a resistance level, while the Ichimoku cloud is also acting as a strong barrier that would bring down trend resumption.

A break below 1.4634 would open the path towards 1.3503 – the January 2009 low.

GBPUSD has been making lower highs and lower lows since the July 2014 peak of 1.7190.

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