GBP/USD (a 4-hour chart)
At the beginning of the week the UK 10-year government bond yields grew relative to their US and Germany counterparts, which increases the investments’ attractiveness into the British assets. In addition, the commodity market is in the "green zone": the oil and industrial metals enjoyed steady demand, which is a negative factor for the dollar as the raw materials cost was denominated in the US currency.
It is also worth noting the start of the pound exchange rate correction. The pair traded throughout the day on the rise. Bulls managed to break through the resistance level of 1.5200 and fix the price at this level.
The price is finding the first support at 1.5200, the next one is 1.5100. The price is finding the first resistance at 1.5300, the next one is at 1.5390.
The sell signal is weak as the price entered the Cloud. The pair is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The downward movement is slowed down while the price is in the Cloud.
The MACD indicator is in a neutral territory. The price started a correction.
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. Meanwhile we see a growth dynamics. If the GBP/USD remains above 1.5200 the growth will be continued. The target is the level 1.5300.