On a daily chart of GBP/USD, “Dark Cloud Cover” candlestick combination developed, which signaled about a decline. This candle shaped after the currency pair had not managed to breach the mark of 1.5470. It means that the bulls did not fixate here. Thereafter, the bears began to strengthen their positions.
The breakout of Fibonacci correction level of 23.6 will mean this viewpoint rightness. In this case it is expected that the currency pair can move downwards to 1.4880 area, where the major support level and Fibonacci correctional level are placed.
However, it should be emphasized that if the resistance level of 1.5470 is broken, short positions are better to close because it will cause the increase to the major resistance level of 1.5824.