The GBPUSD currency pair currently exhibits a strong potential to continue its downward trajectory. This is evident from the signals provided by technical indicators, especially the Moving Average (MA) and the MACD, which further reinforce the likelihood of an ongoing downtrend. The price’s position below the 24-period MA line indicates that the bearish trend remains prevalent for this pair.
The MACD indicator also supports the potential for further declines, as the MACD line consistently stays below the signal line, suggesting that bearish momentum is still quite robust. The combination of signals from both MA and MACD suggests that GBPUSD has a significant chance to continue weakening in the near term.
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In line with the analysis of the hourly chart above, on the 15-minute chart, GBPUSD also provides a downward opportunity as the price is situated within a bearish channel, with the MACD indicator currently in the negative territory, which signals the presence of further downward momentum. GBPUSD may decline towards the support level of 1.22200.
Technical Reference: sell while below 1.24190
Potential Stop Loss 1: 1.23850
Potential Stop Loss 2: 1.24190
Potential Take Profit 1: 1.22535
Potential Take Profit 2: 1.22200
