GBP/USD (a 4-hour chart)
If investors see that the BoE in no hurry with the monetary option strengthening the pound will continue falling. The pound may find a support after the employment reports that are going to be published this week, the forecasts suggest the labor market improvement and the unemployment decrease.
The UK GDP second estimate publication is likely to keep in force the previous results and, most likely, will not stimulate a volatility increase, unless we do not have deviations. The break of 1.6810 support was at high volume - that proves the sellers growing strength. In the future, we expect the weekly support level of 1.6710 - 1.6700 testing
The price is finding the first support at 1.6770, the next one is at 1.6700. The price is finding the first resistance at 1.6840, the next one is at 1.6900.
There is a confirmed and 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 horizontal movement. The downward movement will be until the price is under the Cloud.
The MACD histogram is in a negative territory. The price is consolidating.
The weekly support level of 1.6710 - 1.6700 has kicked sellers upwards two times. This level retest is more likely to lead to a consolidation.