GBP/USD (a 4-hour chart)
Bank of England decided not to make changes in monetary policy. The trade balance for March, as predicted, was -9.1 billion pounds. Trade balance excluding trade and industrial activities with the countries of the Euro Union in Britain in March amounted to -3.5 billion pounds.
The sell signal is strong and confirmed, as Chinkou Span is below the price and the price is below the Ichimoku cloud.
The goal of the downward movement is the support level 1.5250. If the price is consolidated below this level, the downward movement will continue to the next support 1.5190. The downward movement will be strong as long as the pair is below the Kijun-Sen.
Chinkou Span is below the price that is bearish signal. Tenkan-Sen is below the Kijun-Sen. Tenkan-Sen and Kijun-Sen are directed downward. The Cloud has a downward formation.
Bollinger Bands show a downward movement.
MACD is in a negative zone. Should the indicator turn up that could be signal of a possible upward correction.
The daily chart shows a growing dynamics. The current trend is bearish.
Currently the pair is testing the support at 1.5300, just above the median indicator Bollinger bands.
In the near future we expect the partial closing of short positions, despite the negative market sentiment.
The pair will be trading in the range of 1.5360/1.5200, before the downward movement continues.