GBP/USD (a 4-hour chart)
The pair continues to work out a "dead cross", the price started a new upward correction to the Kijun-sen. The current sell signal is strong and confirmed, as Chinkou Span is below the price, and the price is below the Ichimoku cloud.
At this point the downward movement is targeted to the first support level 1.5300. After passing this target the downward movement may proceed to the second support level 1.5170.
The downward movement is maintained as long as the price is below the Kijun-Sen if the price consolidates above this line, then a sell signal will be weakened and the further downward movement will be called.
Chinkou Span is below the price that is a confirmation of the current sell signal.
Bollinger Bands show a continuation of the downward movement, the bands are directed down.
MACD is directed upward, indicating the price correction movement.
We believe that the pair GBP/USD is going to come down to the level 1.50. British pound shows the relatively worst dynamics, which even more stimulates Carney's, the new Governor of the Central Bank, monetary policy. The pair is being traded around 1.5440. The UK bank noted that after the break below 1.5410 the risk of weakness towards 1.50 and 1.49 increases.
Should the pair grow we recommend going long above the pivot level 1.5385 with the target to the resistance levels 1.5485 and 1.553.