The GBPUSD pair has encountered selling pressure after failing to breach the upper limit of the Bollinger Bands, indicating strong resistance at that level. This decline is further supported by the Stochastic indicator, which is currently in the overbought zone and is beginning to reverse downwards, signaling a potential downward trend.
This situation suggests that the bullish momentum is starting to weaken, creating opportunities for profit-taking that could push the price lower. If the selling pressure continues, GBPUSD may test the middle line of the Bollinger Bands as the nearest support. A breakdown of this support could extend the decline towards the next key levels, including the 24-period Moving Average (MA).
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The GBPUSD movement on the 15-minute timeframe indicates the potential for weakening as the 24-period Moving Average (MA) is declining. The drop in this MA reflects an increase in selling pressure in the short term, suggesting that bearish sentiment is currently dominating the market. If selling pressure persists, GBPUSD may test the nearest support area at 1.28930.
Technical Reference: sell while below 1.29890
Potential Stop Loss 1: 1.29760
Potential Stop Loss 2: 1.29895
Potential Take Profit 1: 1.29060
Potential Take Profit 2: 1.28930
