GBP/USD (a 4-hour chart)
We pay attention to the Markit Economics services sector PMI index release. The current indicator is higher than the annual average which indicates this economic sector growth. However the data came out worse then forecasted medians.
The service sector ISM index negative data may contribute to the US Treasury bond yields decrease amid the US Federal Reserve monetary policy tightening expectations.
The pound two-week decline was followed by the correction formation. The corrective price increase was on the high volume.
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 an upward 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 neutral territory. The price is growing.
We expect the 1.5300 line break that will open the way for the sellers to 1.5200, further then towards 1.5100.