GBP/USD (a 4-hour chart)
The Statistics National Office has published the UK balance of payments and the first quarter GDP. The negative "black gold" trend did not support bullish sentiment in the pair GBP/USD. The first quarter UK GDP increased by 0.4% q/q and 2.9% y/y.
The downward correction from 1.5925 stalled at the strong support level of 1.5690.
The price is finding the first support at 1.5670, the next one is 1.5550. The price is finding the first resistance at 1.5775, the next one is 1.5950.
The price is in the Cloud and it is under the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a downward movement and form a “Golden Cross”.
The MACD histogram is in a neutral territory. The price is consolidating.
We believe the downward movement will be continued now. The targets are the levels of 1.5670, 1.5550. The buyers need to break above 1.5775 for a steady growth.