GBP/USD (a 4-hour chart)
They expect from the Bank of England decisive actions to stimulate the economy by expanding the program of "quantitative easing» (QE). Economists and analysts expect the bank management will decide to increase the volume of purchase of assets.
At the same time, another part of the committee, insisted that a cheap pound will boost exports and growth in the economy. The disadvantage of this scenario is a weak pound that can cause the inflation.
By the end of the week pound decided not just to come down but and to fall. The pair was falling the whole Friday and broke through the expected level 1.4941 and stopped at 1.4887. The trend remains bearish.
The pair is below the Kijun-Sen. The Chinkou Span is below price, the Ichimoku cloud is directed down.
Bollinger Bands is pointing down, indicating a steady channel.
MACD Histogram is moving down as well also confirming the falling.
The market is bearish. The first goal of the southern movement is the level 1.4941. We expect a short stay at this level before the pound goes down. The next target is 1.4800.
Stop loss can be placed above 1.5100. Take Profit can be placed just above the target levels.