GBP/USD (a 4-hour chart)
The January UK retail sales are expected with a decline by 0.1%. The public borrowing sector is projected with the demand decline by 9.5 billion pounds which has become a consistent pattern for January during the last five years.
The strong pound growth is paused for a short-term rebound at the mark of 1.5400. This level is already broken through downwards. Then the pair slightly increased and tested this mark.
The price is finding the first support at 1.5300, the next one is 1.5200. The price is finding the first resistance at 1.5400, the next one is at 1.5510.
There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement. The upward movement will be until the price is above the Cloud.
The MACD histogram is in a neutral territory. The price is growing.
The downward potential target is 1.5300. If the price increases it will get to 1.5510.