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The British pound has recouped some of its losses after finding strong support around Murray's 4/8 level, when it fell yesterday during the US session. A strong technical rebound pushed it to current price levels around 1.3335.
Given that the pound is approaching the resistance zone around 1.3379, where the 200 EMA is located, GBP/USD may struggle to continue rising and could present an opportunity to open short positions.
Given that the daily R_2 is located around 1.3335, we could expect GBP/USD to pull back below current price levels toward the 5/8 Murray zone at 1.3305, and we could even see a correction toward the 50% Fibonacci retracement level at 1.3240.
If bullish momentum prevails, strong resistance is expected at the 200 EMA; this level could be considered an opportunity to sell with targets at the 21 SMA.
Given that the Eagle indicator is showing a positive signal, any pullback in the British pound will be viewed as a buying opportunity in the coming days, with targets at the 200 EMA around 1.3379 and ultimately at the 6/8 Murray zone around 1.3427.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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