GBP/USD (a 4-hour chart)
The UK government bond yields are declining relative to the US counterparts. In addition, the moderately positive macroeconomic data output supported the demand for the dollar. The initial jobless claims were expected with decline to 274 000 against the previous 277 000. The release showed a decrease to 271 000.
The strong support level of 1.5640 has been broken through downwards. The price decline was stopped at the support of 1.5390.
The price is finding the first support at 1.5390, the next one is 1.5300. The price is finding the first resistance at 1.5460, the next one is 1.5550.
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 shows a downward movement and the Kijun-sen shows a horizontal movement and form a “Dead Cross”. The downward movement will be until the price is under the Cloud.
The MACD histogram is in a negative territory. The price is decreasing.
We suppose the pair will go to 1.5390 first. Having overcome the first target the price might go downwards to 1.5200.