Bullish Breakout Channel, Pullback, MACD Confirms Downtrend; GBPUSD Likely to Decline

GBPUSD has experienced a prior bullish breakout channel, but is currently in a pullback phase suggesting further potential weakening. The MACD indicator has signaled a bearish trend with a negative histogram and the MACD line positioned below the signal line, reinforcing the likelihood of downward pressure.

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In accordance with the one-hour chart analysis above, on the 15M chart, GBPUSD is also showing a downward opportunity as prices have successfully breached the bullish channel. The MACD indicator is now in negative territory, indicating potential for further downward momentum. GBPUSD may decline to the support level of 1.24240.

Technical Reference: sell while below 1.25190
Potential Stop Loss 1: 1.25190
Potential Stop Loss 2: 1.25375
Potential Take Profit 1: 1.24450
Potential Take Profit 2: 1.24240