GBP/USD (a 4-hour chart)
The US dollar upward trend is stable and keeps growing. On this week, the New York Federal Reserve Bank President William Dudley pointed out that the current strong macroeconomic releases draw near the time when the interest rates increase is possible. A positive factor for the dollar comes from the commodity market: the commodities sales put a positive impact on the dollar quotations as the raw materials cost is denominated in the US currency.
The pair pound/dollar continues the southern movement. At the beginning of the trading day, the pair tested the 1.5200 resistance, however, overcome this level failed and the price decreased.
The price is finding the first support at 1.5100, the next one is 1.4975. The price is finding the first resistance at 1.5200, the next one is at 1.5300.
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 horizontal movement and the Kijun-sen shows a downward movement. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a negative territory. The price is falling.
We recommend going short with the first target - 1.5100. When the price consolidates below the first target, it may go to the level 1.4975.