The "bearish" trend is gaining momentum and the British pound rushed to the current month minimum values. The UK government bond yields continued to decline on the bond market relative to their US and Germany counterparts which reduced the investments’ attractiveness into the British assets.
Breaking through the support level of 1.5150, the downward trend has managed to test the nearest target that is the mark of 1.5100. After the level of 1.5150 testing there was a consolidation with the downward trend continuation. The bears fixated the price below the level of 1.5100.
The price is finding the first support at 1.5040, the next one is 1.4970. The price is finding the first resistance at 1.5100, the next one is at 1.5150.
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 horizontal movement and form a “Dead Cross”. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a negative territory. The price is decreasing.
We expect the 1.5100 line break that will open the way for the buyers to 1.5150.