The cross-rate EUR/GBP short positions closing will put little pressure on the British pound. However, the US industrial production moderately negative release for February will deter bears from active sales. The UK bond yields declined in relation to the US and Germany analogues, indicating the low demand for the British pound.
The downward trend was stopped at the mark of 1.4730. Taking into consideration the first trading day weak volatility, the correction was formed. The resistance level of 1.4800 was broken through.
The price is finding the first support at 1.4800, the next one is 1.4650. The price is finding the first resistance at 1.4920, the next one is at 1.5015.
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. The downward movement will be until the price is under the Cloud.
The MACD histogram is in a negative territory. The price is correcting.
The sellers need to break below 1.4800 for a steady decrease. The way to the marks of 1.4650, 1.4500 will be opened after this breakthrough.