GBP/USD (a 4-hour chart)
The Brent crude oil is expected to stabilize in the range of 48.00 -50.50. This factor has a negative impact on the US currency as the raw materials cost is denominated in dollars. The UK government bond yields show a moderate growth relative to their US and Germany counterparts that supports the British currency.
The pair is trading in a flat. After the resistance level of 1.5460 the price tested the support level of 1.5390.
The price is finding the first support at 1.5390, the next one is 1.5300. The price is finding the first resistance at 1.5460, the next one is 1.5550.
There is a non-confirmed and a weak buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is consolidating.
The pair can grow to the resistance level of 1.5550. After breaking 1.5550 the buyers may go to 1.5670.