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The British pound is trading around 1.3215, rebounding after hitting the 4/8 Murray level at 1.3182. During Wednesday's US session, the British pound traded around 1.3330 and reached a high of around 1.3350, but it failed to break through the strong resistance at the lower band of the downtrend channel, leading to a sharp technical correction.
Given that the British pound is under downward pressure, we could expect it to continue falling in the coming days until it reaches the lower band of the downtrend channel at 1.3105, and it could even reach the 3/8 Murray line around 1.3061.
Conversely, a consolidation above the 21 SMA, located around 1.3235, could offer an opportunity to open long positions, with targets at the 5/8 Murray line around 1.3305 and finally at the 200 EMA around 1.3373.
Given that the Eagle indicator is approaching oversold levels, we could expect the British pound to trade within a range between 1.3305 and 1.3150 in the coming days; both levels could suggest opportunities to buy or sell.
If the British pound breaks decisively above this level, the outlook could be positive, and GBP/USD is expected to reach the 8/8 Murray line around 1.3671 in the coming days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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