The GBPUSD currency pair is demonstrating a strong likelihood of a downward trend this evening. This assertion is supported by technical indicators, particularly the Moving Average (MA) and the MACD, which underscore the potential for a persistent downtrend. The price remaining below the 24-period MA indicates that the bearish trend is still prevailing for this pair.
The MACD indicator furthermore validates the possibility of an additional drop, as the MACD line continues to stay beneath the signal line, suggesting that the bearish momentum is still quite robust. The signals derived from both MA and MACD illustrate that GBPUSD is positioned for continued weakness in the near term.
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In alignment with the one-hour chart analysis above, on the 15-minute chart, GBPUSD also presents a sliding opportunity since the price is situated within a bearish channel. The MACD indicator has now entered negative territory, signaling the feasibility of further downward momentum. GBPUSD could potentially decline towards the support level of 1.22090.
Technical Reference: sell while below 1.2375
Potential Stop Loss 1: 1.23485
Potential Stop Loss 2: 1.23765
Potential Take Profit 1: 1.22350
Potential Take Profit 2: 1.22090
