The GBPUSD pair has faced selling pressure after failing to breach the upper boundary of the Bollinger Bands. This indicates a weakening bullish momentum. The Stochastic indicator, currently in the overbought zone, further enhances the possibility of a downward correction, suggesting that prices are in an overbought condition.
The inability of the price to break through this resistance might trigger profit-taking actions among traders, which could drive the GBPUSD back towards the nearest support level. Should selling pressure intensify, the currency pair risks continuing its decline towards lower support levels.
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Currently, the Stochastic is beginning to decline from the overbought condition on the 15-minute chart for GBPUSD, signifying that the upward momentum is starting to lose strength. When the Stochastic indicator indicates an overbought condition, the likelihood of a reversal or downward correction increases. This suggests that GBPUSD prices are at risk of experiencing a downturn in the near future. If selling pressure begins to enter the market, this currency pair could move down towards the next support level at 1.28670.
Technical Reference: sell below 1.29665
Potential Stop Loss 1: 1.29440
Potential Stop Loss 2: 1.29665
Potential Take Profit 1: 1.28845
Potential Take Profit 2: 1.28675
