The GBPUSD currency pair continues to show signs of weakening as it approaches the US trading session this evening, following a strong bearish signal generated by the combination of the Moving Average (MA) and MACD indicators. The MA indicates that prices are trading below the trend line, suggesting that selling pressure is currently predominant.
Additionally, the MACD reinforces this signal with its histogram moving into negative territory, while the signal line also reflects the bearish momentum. This scenario further underscores the likelihood that this currency pair may continue its downward trend soon.
Recommended
Recommended
Recommended
Recommended
On the 15-minute timeframe, the Zigzag indicator for GBPUSD has formed a Head and Shoulders pattern, indicating a potential reversal towards a downward trend, especially after the neckline has been successfully breached. This pattern is further validated by the Commodity Channel Index (CCI) which signals bearish with movements falling below the -100 mark, indicating a rise in selling pressure. If the scenario unfolds as expected, GBPUSD may likely drop towards the support level of 1.23685.
Technical Reference: sell as long as below 1.24945
Potential Stop Loss 1: 1.24745
Potential Stop Loss 2: 1.24945
Potential Take Profit 1: 1.23865
Potential Take Profit 2: 1.23685
