GBP/USD (a 4-hour chart)
The pair continues to work out the "dead cross" on a daily time-frame. Still there is a correction. The current sell signal is weak 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 go 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.
Bears entrenched control over the pair dynamics after the price broke to new low points below 1.4832. We expect that the falling will be continued below Tuesday's 1.4812.
The bearish outlook have been challenged after the beginning of the correction. Today, we expect consolidation and return to 1.5070. If the growth continues, if the pair breaks through the cloud, it will cast doubt on further falling. Now growth target is 1.5300. It is possible correction to 1.5070.