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The British pound is trading around 1.3189, reaching the strong 4/8 Murray support level and undergoing a sharp technical correction after hitting the 21-day SMA, which coincided with the top of the downtrend channel formed since March 23.
Given that the British pound is currently around the 4/8 Murray level, this zone could act as strong support, and we can look for opportunities to buy with a target at 1.3252.
Once this zone is broken, we could continue buying with targets at the 5/8 Murray level around 1.3305 and finally around 1.3386.
The British pound has been under downward pressure for several weeks, and a recovery is likely to resume above the 4/8 Murray level. We could look for opportunities to open long positions as long as the instrument trades above 1.3183.
The Eagle indicator has entered oversold territory, so we expect a technical rebound in the coming days. As long as the price remains above the 4/8 Murray level, it will be viewed as a buy signal.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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