GBP/USD (a 4-hour chart)
The United States and the United Kingdom did not please traders with the interesting macroeconomic releases and it is necessary to pay attention to the debt and commodity markets’ dynamics. The UK 10-year bond yields are declining in the bond market relative to their US and Germany counterparts which will put pressure on the British pound. Today the Britain will publish the WFP.
The downward trend has strengthened after the strong support level of 1.5390 breakthrough. Now the mark of 1.5390 serves as the strong resistance.
The price is finding the first support at 1.5300, the next one is 1.5200. The price is finding the first resistance at 1.5390, the next one is at 1.5490.
There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a downward movement. The downward movement will be until the price is under the Cloud.
The MACD histogram is in a negative territory. The price is falling.
The approach to the level of 1.5300 may lead to a price rebound upwards. The potential rebound targets are the resistance levels of 1.5460, 1.5550.