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Technical Analysis – GBPUSD tests key 1.51 level, bearish below cloud

GBPUSD is consolidating Friday’s drop and hovering around the key psychological level of 1.5100. This is currently acting as support.

RSI is in bearish territory below 50 and the market is below the 200-day moving average and daily Ichimoku cloud, which are bearish signals. Meanwhile, lower highs and lower lows have been created since the peak of 1.5929 in June.

To the upside, resistance lies ta 1.5200. A move above this would bring the bias back to neutral. But a fall below 1.5100 brings 1.5000 into focus and a deeper decline would target the April low of 1.4564.

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