The GBPUSD pair continues to face strong bearish pressure, as technical indicators suggest a potential decline ahead. The price remains below the 24-period Moving Average (MA), signaling that selling pressure is still dominant.
Moreover, the MACD indicator reinforces the negative outlook, with the MACD line situated below the signal line and a deepening negative histogram. This combination indicates a robust bearish momentum. Should the selling pressure persist, GBPUSD may continue its downward trend, allowing for movement into a lower price range.
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In alignment with the analysis shown on the one-hour chart, on the 15-minute chart, GBPUSD also presents a downward potential as the price is contained within a bearish channel. The MACD is currently in negative territory, signaling further downside momentum. GBPUSD has the opportunity to decline towards the support level of 1.20880.
Technical Reference: sell while below 1.22180
Potential Stop Loss 1: 1.21920
Potential Stop Loss 2: 1.22180
Potential Take Profit 1: 1.21090
Potential Take Profit 2: 1.20880
