The GBPUSD currency pair is exhibiting signs of a downward trend after breaking through the previously supportive bullish channel. This break low indicates an initial potential reversal that could lead to lower prices.
Technical analysis reveals that following the breach of the lower boundary of the bullish channel, GBPUSD experienced a pullback, suggesting that the bullish momentum is losing steam. Moreover, the Stochastic indicator is providing a bearish signal, further reinforcing the forecast for a decline. When Stochastic enters the overbought territory and begins to trend downward, it often signals that price corrections are imminent.
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In alignment with the hourly chart analysis above, the 15M chart of GBPUSD also presents bearish opportunities, as the CCI Stochastic indicator indicates a state of Strong Bearish, denoting a downward momentum. GBPUSD is positioned to continue its decline towards the support level of 1.25200.
Technical Reference: sell while below 1.26370
Potential Stop Loss 1: 1.26185
Potential Stop Loss 2: 1.26370
Potential Take Profit 1: 1.25375
Potential Take Profit 2: 1.25200
