GBPUSD Hit Lowest Level in 7 Months, Major Pressure Persists

The GBPUSD currency pair has been on a decline since the 20-period Moving Average (MA) crossed below the 50-period MA on the hourly chart. This pair has reached its lowest level in over seven months.

The Stochastic indicator on the daily chart has fallen out of the overbought territory, indicating that the potential for further decline remains significant.

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Looking at the 15-minute chart, the Stochastic shows a Bearish Divergence pattern, increasing the chances for further declines. Strong resistance is found around 1.25600; as long as the price remains below this level, GBPUSD could potentially drop to 1.24750 before reaching 1.24400.

Technical Reference: sell while below 1.25600
Potential Take Profit 1: 1.24750
Potential Take Profit 2: 1.24400
Potential Stop Loss 1: 1.25600
Potential Stop Loss 2: 1.26000