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The British pound is trading around 1.3436, above the 6/8 Murray level, and rebounding after opening the week with a bearish gap around 1.3380.
Given that the British pound is consolidating above the 6/8 Murray level and above the 200 EMA, this could be seen as a positive sign for the coming hours, and GBP/USD is expected to reach the weekend's closing price around 1.3467.
If the British pound continues to rise, we could expect it to reach the 7/8 Murray line around 1.3549 and could even reach the top of the uptrend channel formed since early April around 1.3570.
Given that the Eagle indicator has eased from overbought levels, the British pound is expected to continue rising in the coming days. In case of a pullback toward the 200 EMA around 1.3460 or toward the lower band of the uptrend channel, this will be considered an opportunity to continue buying with targets at the 6/8 Murray and 7/8 Murray levels.
An area to open short positions could be if the British pound encounters strong resistance around 1.3470. This level could act as a barrier since the British pound has been rejected there on two occasions, so a third attempt could serve as a signal to sell.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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