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GBPUSD downside risk after failure to break above cloud

Discussion in 'Technical Analysis' started by FXStreet_Team, Apr 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    GBPUSD has been in a downtrend since mid-2015 and reached the lowest since March 2009 at $1.3834 on February 29 this year. Since then the market has stabilized in a range between $1.4040 and $1.4510. The risk is tilted to the downside though as RSI has fallen below 50 and entered bearish territory. Also, the market has failed to break above the daily Ichimoku cloud after several attempts. Rejection of the cloud adds to the underlying bearish market structure. Meanwhile, the tenkan-sen and

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