GBP/USD (a 4-hour chart)
The traders’ attention will be focused on the bond market dynamics. Before the US Federal Reserve meeting which is scheduled for March 17-18, the Forex market will live with rumors about the imminent monetary policy tightening. We believe that this factor shall support the US dollar.
Sellers have broken through the two quite strong support levels: 1.5200 and 1.5100. The levels breakthrough was on the increased volume. Then the pair turned upwards and broke through the resistance level of 1.5100.
The price is finding the first support at 1.5100, the next one is 1.5015. 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 downward movement. The downward movement will be until the price is under the Cloud.
The MACD histogram is in a negative territory. The price is correcting.
The potential growth targets are the resistance levels: 1.5200, 1.5300.