The GBPUSD exchange rate has been on a downward trend since the 20-period Moving Average (MA) crossed below the 50-period MA on the 1-hour chart. This currency pair has reached its lowest point in over seven months.
The Stochastic indicator on the daily chart has entered a downtrend from the overbought territory, indicating a significant potential for continued decline.
On the 15-minute chart, the Stochastic indicator has formed a Bearish Divergence pattern, increasing the likelihood of further decline. A strong resistance level is identified around 1.25600, and as long as the price remains below this threshold, the GBPUSD pair may decline to 1.24750 before potentially reaching 1.24400.
Technical Reference: sell if below 1.25600
Potential Take Profit 1: 1.24750
Potential Take Profit 2: 1.24400
Potential Stop Loss 1: 1.25600
Potential Stop Loss 2: 1.26000
