The GBPUSD pair is showing signs of potential weakness after being rejected from the upper Bollinger Bands, indicating that selling pressure is begin to rise in the resistance zone. Such a rejection often serves as a signal that prices are reaching overbought conditions, which increases the likelihood of a downward correction.
The Commodity Channel Index (CCI), which was previously located in the overbought area, has now begun to decline, reinforcing the potential shift in momentum towards a bearish trend. The combination of these two indicators suggests that GBPUSD may continue to face downward risks in the near future.
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Bearish opportunities are beginning to manifest on the 15-minute time frame after prices moved below the 24-period Moving Average (MA), which is now sloping downward acting as a dynamic resistance. The MACD indicator aligns with this negative sentiment as the signal line moves below zero while the histogram reveals declining momentum. This combination indicates that selling pressure may persist, creating a pathway for GBPUSD to continue its downward trend towards support at 1.29495.
Technical Reference: sell if below 1.30330
Potential Stop Loss 1: 1.30215
Potential Stop Loss 2: 1.30330
Potential Take Profit 1: 1.29630
Potential Take Profit 2: 1.29495
