GBPUSD on Labor Day in the United States

Please NOTE: This is a belated analysis. I couldn't post it at the appropriate time due to connection issues, but I believe it'll still be useful for future reference.

Today, we have Bank Holiday in the US. Consequently, quite a number of traders won't be in the market, and there might be thin volume. I was unable to have analysis posted during the London session; however, current price action on the GBPUSD pair seems to be giving us new signs. This analysis might be useful for those of us trading the late New York session:

On the Daily chart above, price is currently at a resistance area: a previous upward trend-line (the red dashed line), which we've been discussing for some days now. Though, we are yet to know if price would break above it, or if price would be forced to retreat downward, let's have it in mind that the bulls might be having a tough time around this area.

On the H4 chart above, price has broken the most recent swing low @ 1.6364 (which we've highlighted using the blue broken line) downward. That shifts our bias in favor of a downward price move. The white horizontal line @ 1.6443 highlights the most recent swing high, and as long as price stays below it - in the absence of any new and lower swing high - our bearish or downward bias remains intact.

On the Hourly chart above, we have the price action buttressing our bearish bias: price has broken the most recent swing low @ 1.6364 (that we've highlighted using the blue broken line), which also happens to be H4 most recent swing low. Also, we have a negative MACD divergence. Please keep this current price action in mind as you place your trades.

Have a happy Labor Day.