The GBPUSD currency pair recently witnessed a significant drop after touching the upper Bollinger Bands, indicating that it was in an overbought condition. This encounter with the resistance level triggered strong selling activity, causing the price to rapidly decline and suggesting a potential for deeper corrections. The upper Bollinger Bands acted as a warning level, and this decrease illustrates that the previously dominant bullish trend is beginning to lose steam.
On the other hand, the MACD indicator is further reinforcing the bearish signal, with the histogram fluctuating below the signal line. This position shows that selling pressure is intensifying, increasing the likelihood of GBPUSD continuing its downward trajectory. With confirmation from both Bollinger Bands and MACD, the potential for a decline towards the next support level is significantly open, suggesting that the bearish trend may persist in the near future.
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The GBPUSD remains under bearish pressure, with a confirmed downward trend indicated by the Moving Average (MA) and MACD on the 15-minute chart. The consistently declining MA shows that prices are in a weakening phase, while the MACD in the negative zone reinforces the downward momentum. As long as prices stay below the dynamic resistance, the possibilities for further declines remain open, targeting a lower support level at 1.28775.
Technical Reference: sell below 1.29685
Potential Stop Loss 1: 1.29545
Potential Stop Loss 2: 1.29685
Potential Take Profit 1: 1.28930
Potential Take Profit 2: 1.28775
