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The British pound is trading around 1.3395, above the 21-day SMA, and has reached the top of the downtrend channel that has been forming since early May.
A H4 chart clearly shows that the British pound has failed to break out of the downtrend channel on several occasions and has been under downward pressure. However, it could be forming a pattern known as a pennant, and a decisive break above 1.34 could trigger a strong upward move, with the British pound potentially reaching the 200 EMA around 1.3481 and possibly even hitting the 7/8 Murray level around 1.3550.
Conversely, a drop below 1.3383 could continue the bearish scenario for the British pound, and we expect it to reach the 5/8 Murray level again around 1.3305.
The Eagle indicator is showing a positive signal, so it is more likely that the British pound will continue to rise in the coming days; therefore, we will look for opportunities to buy above 1.34 or sell if the price falls below 1.3380.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
