GBP/USD (a 4-hour chart)
The pair continues to work out the "dead cross" on a daily time-frame. The current sell signal is strong and confirmed, as Chinkou Span is below the price, and the price is below the Ichimoku cloud.
At this point the downward movement is targeted to the support level 1.4890. After passing this target the downward movement may proceed to the second support level 1.4866.
The downward movement is maintained as long as the price is below the Kijun-Sen if the price consolidates above this line, then a sell signal will be weakened and the further downward movement will be called. The Kijun-Sen and Tenkan-Sen are directed downwards. Both lines are horizontal. The Chinkou Span is below the price that is a confirmation of the current sell signal.
Bollinger Bands show a continuation of the downward movement, the bands are directed down.
MACD is in a negative area.
Indicators support the downward movement.
The pair broke the support at 1.5000 and got off to 1.4830 minimum. A sustained break and consolidation below this level will confirm the development of medium-term downtrend with the next target at 1.4230 support area.
At the same time, the pair is oversold and there's a possibility of formation of the corrective recovery from current levels back towards the 1.5000 mark, which can act as resistance, or above in the area of 1.5300. In this case the recovery will provide a framework for the subsequent fall which could resume from one of the above resistances.