Moving Within a Bearish Channel, GBPUSD May Experience a Decline

The GBPUSD pair rebounded after a significant drop earlier this week, hitting a one-month low. However, the upward momentum remains weak and may reverse at any moment. On the hourly chart, GBPUSD is trapped within a Bearish Channel and is currently facing resistance at the upper boundary.

The Stochastic indicator is rising and approaching the overbought territory, which limits the potential for further gains.

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On the 15-minute chart, Stochastic is declining from the overbought zone, increasing the likelihood of a downturn.

Technical Reference: sell while above 1.28100
Potential Take Profit 1: 1.27300
Potential Take Profit 2: 1.27000
Potential Stop Loss 1: 1.28100
Potential Stop Loss 2: 1.28400