GBP/USD (a 4-hour chart)
The main event of the day is the 4th quarter US GDP release. All macroeconomic releases from October to December showed the US economic growth high rate that allows us to rely on the data release better than the consensus forecast. Last week we received the UK GDP data and the quarterly growth by 0.5% will be quite weak amid the US strong growth.
The pound corrective growth was stopped by the mark of 1.5200. The mark testing was followed by the consolidation with the following rebounds downwards.
The target has already been achieved by the support level of 1.5100 breakthrough, and the level of 1.5015 was tested.
The price is finding the first support at 1.5015, the next one is 1.4920. The price is finding the first resistance at 1.5100, the next one is at 1.5200.
There is a non-confirmed and a weak sell signal. The price is on the Cloud and it is under the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement and form a “Dead Cross”. The downward movement will be until the price is under the Cloud.
The MACD histogram is in a negative territory. The price is decreasing.
We may expect the fall towards 1.4920 and 1.4800 where the pair may stop, further on we expect a consolidation.