Strengthening Bearish Pressure: Breakout and MACD Indicate GBPUSD Decline

The GBPUSD pair exhibits considerable weakness following a breakout from the lower boundary of a bearish channel. This event suggests that selling pressure is dominating the market. The MACD technical indicator reinforces the bearish signal through a deepening negative histogram and a signal line diverging from the zero line, confirming the downward price momentum.

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In line with the analysis of the hourly chart above, the 15-minute chart also reveals a downward opportunity as the formation of a bearish channel signals further decline momentum. The GBPUSD has the potential to drop towards the support level of 1.21300.

Technical Reference: sell while below 1.22600
Potential Stop Loss 1: 1.22385
Potential Stop Loss 2: 1.22600
Potential Take Profit 1: 1.21500
Potential Take Profit 2: 1.21300