GBPUSD maintains its bias to the downside. The market has been making lower highs and lower lows. After bouncing from 1.5873 prices were unable to move beyond 50% of the downleg from the September 19 high of 1.6523 to the October 15 low of 1.5873. This 50% Fibonacci level at 1.6197 is now strong resistance.
Prices are currently finding support at the 23.6% Fibonacci at 1.6024. Failure to hold at this level would open the way towards a retest of the October 15 low at 1.5873.
RSI is bearish below 50 and the tenkan-sen and kijun-sen lines are negatively aligned, keeping the downside momentum. Also, the falling Ichimoku cloud and prices below the 200-day moving average add to the bearish market structure.