The GBPUSD currency pair is showing signs of further weakness as it has breached the lower boundary of the Bollinger Bands, signaling an intensifying sell-off. This breakout highlights a dominant bearish momentum, with volatility rising as prices move out of the consolidation phase.
Furthermore, the MACD indicator situated in negative territory, with its signal line trending downward, bolsters the bearish outlook. The synergy of these two indicators provides a significant signal for traders that the bearish trend may continue if selling pressure persists.
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GBPUSD is likely to continue its downward trajectory after prices have broken below the bullish trendline on the 15-minute timeframe, indicating the conclusion of short-term upward momentum. The sell-off is further corroborated by a sharply declining 24-period Moving Average (MA), reflecting the increasing strength of sellers. This condition opens avenues for GBPUSD to retest the support level at 1.28915.
Technical Reference: sell while below 1.29885
Potential Stop Loss 1: 1.29720
Potential Stop Loss 2: 1.29885
Potential Take Profit 1: 1.29075
Potential Take Profit 2: 1.28915
