According to the technical overview of the European markets, GBPUSD has experienced a downturn, continuing to face selling pressure after a breakout below the crucial support level. The Moving Average (MA) indicator with a 24-period setting reinforces the bearish signal, as it trends downward. This suggests a dominating selling pressure within the short-term trend.
Additionally, the MACD indicator supports the bearish sentiment, with its signal line positioned beneath the zero mark and the histogram reflecting negative momentum. The recent breakout has been followed by a pullback towards the resistance area, creating opportunities for market participants to sell.
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In alignment with the hourly chart analysis above, the 15-minute chart for GBPUSD also presents a bearish outlook. The Stochastic CCI indicator indicates strong bearish conditions, signaling a downward momentum. This positions GBPUSD for a potential decline towards the support level of 1.24780.
Technical Reference: Sell while below 1.25700
Potential Stop Loss 1: 1.25565
Potential Stop Loss 2: 1.25700
Potential Take Profit 1: 1.24950
Potential Take Profit 2: 1.24780
