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Technical Analysis – GBPUSD holds above 1.5200 but upside is limited

XM Markets UUIIFXBR
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GBPUSDDailyfeb13GBPUSD has managed to hold the key 1.5200 level, trading as high as 1.5413 on Thursday. The tenkan-sen and kijun-sen lines are horizontal, suggesting some near-term consolidation and/or a correction higher. RSI is also back above the 50 line, which indicates bullishness. The 1.5500 level is seen as resistance and the market could resume the downside after reaching it as the overall outlook is bearish for the pair.

A break below support at 1.5200 would open the way for a retest of the January 23 low of 1.4949.

Looking at the long term chart, the pair has almost retraced the entire rally from 1.4811 to 1.7190. Upon resumption of the downtrend, the market as scope to target this July 2013 low of 1.4811.

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