GBP/USD (a 4-hour chart)
Ichimoku Cloud Analysis on GBP /USD shows us that the price continued to fall down. We can see that the Tenkan-Sen and the Kijun-Sen intersected below the Cloud. The pair was in the flat the whole day but continued to move lower.
The current sell signal is confirmed and strong as the Chinkou Span is fixed above the price chart and the price is far below the Ichimoku cloud.
For this moment the next target might be the level of support 1.5385. Still the pair will continue falling only after working out and consolidating at 1.5485.
The downward movement will be actual as long as the price is below the Kidjun-sen (1.5489).
If the price consolidates above this line the sell signal will be weakened, an upward movement can begin and the price can form a “golden cross".
The Chinkou Span is above the price chart that’s a very strong bearish pattern.
Indicator Bollinger Bands shows a downward movement.
MACD is down and indicates a downward movement.
We advise to go short with the goal 1.5385. If the price overcomes this target the goal becomes – 1.5353.
Besides a technical picture it is also necessary to consider the fundamental news and the time of their release.