The GBPUSD currency pair displays a potential for further weakening after breaching the lower boundary of the Bollinger Bands, indicating escalating selling pressure. This breakout reflects a prevailing bearish momentum, with volatility increasing as prices move out from the consolidation zone.
Additionally, the MACD indicator, situated in negative territory with its signal line trending downwards, further solidifies this declining scenario. The convergence of these two indicators serves as a crucial signal for traders that the bearish trend may persist if the selling pressure continues.
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GBPUSD is likely to continue its downward movement after the price has breached the bullish trendline on the 15-minute timeframe, signaling the end of short-term upward momentum. The selling pressure is further reinforced by the sharply declining 24-period Moving Average (MA), reflecting the increasing dominance of sellers. This situation creates opportunities for GBPUSD to further test the support level at 1.28915.
Technical Reference: buy while above 1.29720
Potential Take Profit 1: 1.29595
Potential Take Profit 2: 1.29720
Potential Stop Loss 1: 1.29040
Potential Stop Loss 2: 1.28915
