GBP/USD (a 4-hour chart)
The UK manufacturing sector business climate indicator pointed out that the Bank of England was quite optimistic in their GDP estimates for the second quarter of this year. The construction sector PMI index was published the other day.
The Bank of England in its quarterly economic forecast, published in early May, pointed out to the real estate sector decline. However, according to the April data - the mortgage loans volume rose up to the mark of 42.1K that smoothes the negative picture.
The short-term consolidation above the support level of 1.5200 was followed by attempts of its breakthrough. On the volume sellers consolidated at the mark of 1.5200 but they did not break it downwards. The pair increased at the end of the trades and broke through the resistance level of 1.5300.
The price is finding the first support at 1.5300, the next one is 1.5200. The price is finding the first resistance at 1.5390, the next one is at 1.5460.
There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows a downward movement. The downward movement will be until the price is under the Cloud.
The MACD histogram is in a negative territory. The price is correcting.
The approach to the level of 1.5460 may lead to a price rebound down. The potential rebound targets are the support levels of 1.5300, 1.5200.