GBP/USD - The Bears are in control eyeing more decline

The GBPUSD currency pair on the 4 Hours Chart has been in a downtrend since 3 May 2019 when it registered the high price at 1.31767. Subsequently, the price displayed a series of lower tops and lower bottoms. On 8 May 2019, the GBPUSD currency pair recorded the low price of 1.29873. Applying Oscillator Analysis on the price chart, one can notice that price is trading above the SMA 60 period Moving Average line, a fact that confirms the upward direction of Pound Sterling. Furthermore, the MACD (Moving Average/Convergence Divergence) Oscillator is recording values below the zero line which hints to the bearish bias of financial instrument. Additionally, the RSI (Relative Strength Index) Oscillator registers values below the fifty line which indicates negative sentiment. The three technical indicators display mixed signals about the direction of the financial instrument. Applying the Fibonacci tool on the price chart, three price targets may be calculated. The first price target is estimated at 1.30145 (161.8%). The second price target is seen at 1.29738 (261.8%). The third price target is projected at 1.29080 (423.6%). The Pound Sterling is currently trading below the downtrend line. Of course, supply and demand as well as the crowd sentiment will determine the course of Pound Sterling. Though the market is currently following the counter trend direction, this might just be a correction, as long-term trend remains bearish.