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The British pound printed a low of 1.2405 in the European session, a key level that coincided with the bottom of the bearish trend channel forming since March 15. We believe that the GBP/USD pair could continue to bounce in the next few hours. So, we will look for opportunities to buy above 1.2410 or in case it consolidates around 0/8 Murray above 1.2450.
Technically, the British pound is oversold and the eagle indicator is showing a positive signal, but we should expect the British pound to consolidate above the psychological level of 1.25 or above the 21 SMA located at 1.2485. If this scenario occurs, the outlook could be positive for GBP and we could expect a rise towards the 200 EMA located at 1.2623 and finally, to the top of the downtrend channel around 1.2670.
On the other hand, if the British pound continues to consolidate above 1.2450 or above -1/8 Murray located at 1.2390, it could be a signal for a trend change. Thus, a technical rebound is likely to occur in the coming days.
A sharp break below the downtrend channel could change the outlook for the British pound. Hence, in the short term, GBP/USD could reach 1.2320, 1.2245, and finally, the psychological level of 1.20.
Given that the British pound is oversold, we will look for opportunities to buy above the bottom of the downtrend channel around 1.2405 -1.2450. Climbing above this area will be seen as a signal 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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