(Update) GBPUSD Declines Following Breakout Below Bollinger Bands

The GBPUSD pair has experienced increasing selling pressure after breaking below the lower limit of the Bollinger Bands. This movement suggests the potential for further downward trends, with a dominant bearish sentiment in the market. A breakout below the Bollinger Bands often signals that the price has exited a consolidation zone and entered into a deeper weakening phase.

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Alongside the one-hour chart analysis shown above, the 15-minute chart indicates further bearish opportunities due to the formation of a bearish channel, suggesting continued downward momentum. The GBPUSD could fall towards the support level of 1.21145.

Technical Reference: sell while below 1.22680
Potential Stop Loss 1: 1.22430
Potential Stop Loss 2: 1.22680
Potential Take Profit 1: 1.21375
Potential Take Profit 2: 1.21145