The GBPUSD currency pair is experiencing intensified selling pressure after breaking through a vital support level. This breakout suggests that bearish sentiment is increasingly dominating the market, presenting a likelihood for prices to continue their downward trajectory towards the next support level. This movement is also reinforced by consistent technical patterns indicating weakness in GBPUSD.
Technical indicators such as the Moving Average (MA) and MACD are revealing increasingly clear bearish signals. The price is trading below the 24-period MA line, underscoring the predominance of the downtrend, while the MACD being below the signal line indicates that the bearish momentum remains strong.
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In line with the one-hour chart analysis above, on the 15M chart, GBPUSD also shows potential for further decline, as prices are positioned within a bearish channel. The MACD is now in negative territory, indicating a signal for further downward momentum. GBPUSD has the potential to decline towards the support level of 1.22200.
Technical Reference: sell below 1.23635
Potential Stop Loss 1: 1.23340
Potential Stop Loss 2: 1.23635
Potential Take Profit 1: 1.23340
Potential Take Profit 2: 1.23635
