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Technical Analysis – GBPUSD trapped in a range, will it resume downtrend?

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GBPUSD remains in a range and has failed to break above the top of the range at 1.5008. To the upside, any moves higher would find resistance at 1.5163 (March 18 high) and then at 1.5236 (23.6% Fibonacci retracement level of the downleg from 1.7190 to 1.4634.

The support level at 1.4634 is critical and a break below this would strengthen the downtrend that has been in progress since the July 2014 high of 1.7190. The market remains below the Ichimoku cloud and this highlights the underlying bearish bias although the near term bias is neutral and clearer signals are needed to confirm the trend.

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