The bearish channel on the 1-hour time frame continues to direct GBPUSD’s movement downward, indicating that sellers maintain a strong grip in the short term. The price structure following this downward pattern suggests that selling pressure remains unabated, while a ZigZag pattern forms a series of lower highs and lower lows confirming the continuation of the bearish trend. This situation clearly indicates that any attempts at a rebound are limited and have not been able to significantly alter the direction of movement.
The bearish pressure is further reinforced by the Moving Average (MA) which is beginning to trend downward, signaling a resurgence of selling momentum. With these technical signals aligning, the probability of GBPUSD continuing its decline towards the nearest support level remains high. Unless a positive catalyst emerges to reverse sentiment, this pair is expected to remain under pressure and test the next support area soon.
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Additionally, a break below the low of the bearish channel strengthens the signal that downward pressure on GBPUSD in the 15-minute time frame is likely to persist. Prices currently held at the Bollinger Bands resistance suggest that the pullback may have concluded, with sellers regaining dominance, while the CCI in overbought territory indicates a weakening of the upward momentum. With this technical combination, GBPUSD has the potential to continue its decline and test the key support level at 1.30430.
Technical Reference: sell while below 1.31275
Potential Stop Loss 1: 1.31150
Potential Stop Loss 2: 1.31275
Potential Take Profit 1: 1.30600
Potential Take Profit 2: 1.30430
