The GBPUSD pair is experiencing mounting selling pressure after failing to break through the bearish channel resistance. This situation suggests that market sentiment continues to be dominated by bearish forces, with a significant chance of further declines.
From a technical standpoint, the price remains beneath the 24-period Moving Average (MA), indicating that the bearish momentum still holds sway. Moreover, the MACD indicator shows a weakening histogram, signaling that the buying strength is insufficient to push the price above the bearish channel.
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In alignment with the one-hour chart analysis, on the 15-minute chart, GBPUSD is also showing a downward opportunity due to the formation of a double top pattern, which indicates the potential for additional downward momentum. The GBPUSD could decline to the support level of 1.20930.
Technical Reference: sell below 1.22735
Potential Stop Loss 1: 1.22495
Potential Stop Loss 2: 1.22735
Potential Take Profit 1: 1.21230
Potential Take Profit 2: 1.20930
