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The British pound is trading around 1.2565, below the 2/8 Murray which represents strong resistance, and above the psychological level of 1.25.
We believe that the British pound could recover in the coming days since the strong downward movement caused by the inflation data from the US pressured the pair to reach a low of 1.2519.
If the British pound consolidates above Murray's eighth, we expect it to rebound and reach 50% and even 61.8% Fibonacci.
The inflation data from the United States makes investors think that the Federal Reserve will continue to tighten its monetary policy in the medium term. Such prospects are likely to put the GBP/USD pair under downward pressure in the coming days.
Technically the GBP/USD pair is within a downtrend channel. It is likely that if there is a technical bounce around 1/8 Murray located at 1.2522 in the next few hours, it could be seen as an opportunity to buy with targets at 1.2773, 1.2635, and 1.2695.
The eagle indicator is giving a positive signal. Any technical bounce above the psychological level of 1.25 will be seen as an opportunity to buy.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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