GBP/USD (a 4-hour chart)
The demand for euro triggered a wave of growth, the pound fell to 4.5 month low against the European currency on Wednesday.
In general, the pound was under pressure as the Monetary Policy Committee of the Bank of England is preparing for its regular meeting. There are expectations that the bank will confirm the tendency to lower interest rates.
The single currency rose to 87,465 pennies that is the highest level since March 12, continuing the growth seventh consecutive session. In July, the euro gained 2%, which is the best result per month since January.
The upward movement is stopped. We have a down trend now. The pair broke the Ichimoku cloud and is being traded under it. Should falling continue 1.5070 will become the nearest support level. The trend lines Kijun-Sen and Tenkan-Sen formed a "cross of gold". Tenkan-sen is increased slightly, and the Kijun-sen is reduced.
Bollinger Bands indicator shows a downward movement, the bands are directed down.
MACD left a positive area and is in a negative one now.
Top-down structure of July 26 is considered as a reference point. The continuation of the downwards movement is expected after breaking 1.5108; in this case the target is 1.5056, in this range of price consolidation.
We expect a consolidation. A short-term upward movement is possible in the corridor 1.5237 - 1.5274, the break of the latter will lead the pair to a deeper movement, and the target here is 1.5318.