GBP/USD (a 4-hour chart)
The credit markets’ trend is in favor of the British currency: the UK and the US negative 10-year government bond yields fell by 8.6 bp at the end of the last week. The oil market bullish sentiments will put pressure on the dollar as the energy cost is denominated in the US currency. The pound continues its downward movement having fallen yesterday by the trades end.
The price is finding the first support at 1.5100, the next one is 1.4975. The price is finding the first resistance at 1.5200, the next one is at 1.5300.
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 and the Kijun-sen show a horizontal movement. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a negative territory. The price is decreasing.
The sellers need to break below 1.5100 for a steady decrease. Shall the pair break the level of 1.5100 the way to the mark 1.4975 will be opened.