GBP/USD (a 4-hour chart)
The market got data on PMI index for the manufacturing sector in October. The indicator showed a decline the second month in a roll. It can be expected that the value will correspond to the expected ones or a little worse and will not have a significant impact on the stock of the "Cable". The pair shall be traded in a range: 1.60-1.6119.
GBPUSD is being traded in a downward channel, going slowly down. It has to break the lower boundary of the channel at the mark 1.6000 and a strong support level at the mark 1.5990 to change its direction to the South. In this case 1.5925 will become a potential target.
There is a strong and confirmed sell signal, as the chart is consolidated below Chinkou span, and the Ichimoku cloud is above the price. Tenkan-Sen is horizontal and Kijun-sen is directed downwards. The Cloud is targeted downwards.
The downward movement will be kept as long as the Kijun-sen is located at the level 1.6101, being above the price.
Bollinger Bands shows a southern signal, its bands are narrowing being directed down.
The MACD histogram is in a negative area.
GBPUSD is being traded in a downward channel, slowly sinking down. To change its direction the pair needs to break the lower boundary of the channel at 1.6000 and a strong support level 1.5990. In this case 1.5925 will become the next potential target.