Bearish divergence observed in GBPUSD suggests a potential weakening as the price struggles to maintain its upward momentum. Even though the price continues to rise, volume indicators are reflecting a decrease, indicating a reduction in buying pressure.
Furthermore, the Moving Average (MA) has started to trend downward, reinforcing the likelihood of a developing bearish trend. Should selling pressure persist, GBPUSD may breach the nearest support level, leading to a more pronounced decline.
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GBPUSD has fallen below the lower boundary of a bullish channel, signaling a potential shift in trend towards bearish conditions. This movement is reinforced by the downward trend of the Moving Average (MA), indicating that previous upward momentum is beginning to wane. If the price remains below the breakdown area and selling pressure continues to rise, GBPUSD could potentially continue its decline towards the support level of 1.28670.
Technical Reference: sell while below 1.29590
Potential Stop Loss 1: 1.29435
Potential Stop Loss 2: 1.29595
Potential Take Profit 1: 1.28820
Potential Take Profit 2: 1.28670
