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The British pound is trading around 1.1144. We can see three consecutive days of recovery and now it is facing the zone of 7/8 Murray (1.1230) which represents a likely technical reversal.
A pullback towards the 1.1310 area (200 EMA) or towards the 1.1230 level (7/8) could be considered as a signal to resume selling.
According to the daily chart, we can see that the British pound has three days of strong recovery and could now face overbought levels.
This recovery could be momentary, as the main trend is still bearish and its rise higher will be seen by the bears as a good opportunity to sell.
The intervention of the Bank of England caused strong volatility in the GBP/USD pair, which led to a recovery of almost 900 points. The BoE announced that it will make temporary purchases of UK bonds. This intervention will only relieve downward pressure momentarily, as the Fed is determined to raise its interest rate in the coming months.
Therefore, we can sell the pound below the area of 7/8 Murray or the 200 EMA with targets at 6/8 around 1.0742.
Additionally, the psychological level of 1.10 will be the key level for the British pound. We expect the British pound to trade around this area in the coming days and it could be seen as a pivot point in the event of a bullish or bearish move.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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