The GBPUSD currency pair is showing signs of a downturn after successfully breaking through the previously supportive bullish channel. This breaklow indicates the potential for an initial trend reversal that could drive prices lower.
Technical analysis reveals that following the breach of the lower boundary of the bullish channel, GBPUSD experienced a pullback, suggesting that bullish momentum is weakening. Additionally, the Stochastic indicator is generating bearish signals, further reinforcing the prediction of a decline. When Stochastic enters the overbought territory and begins to decline, it often serves as a warning that prices may undergo a correction.
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In line with the one-hour chart analysis above, the 15-minute chart is also presenting bearish opportunities as the CCI Stochastic indicator shows a Strong Bearish condition, indicating a downward momentum. The GBPUSD is likely to continue its descent towards the support level of 1.25200.
Technical Reference: sell while below 1.26370
Potential Stop Loss 1: 1.26185
Potential Stop Loss 2: 1.26370
Potential Take Profit 1: 1.25375
Potential Take Profit 2: 1.25200
