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Since April 24, the British pound has been trading within an uptrend channel, above the 200 EMA and above the strong 6/8 Murray support level, which leads us to believe that GBP/USD could continue its rise in the near term and reach the 8/8 Murray level around 1.3671.
We could open long positions on the British pound in the coming days as long as the price remains within the uptrend channel formed on the four-hour chart. A pullback toward the 7/8 Murray zone or toward the lower band of the uptrend channel will allow us to buy, with targets at 1.3609 and ultimately at 8/8 Murray.
The outlook could change rapidly if the British pound falls below 1.3520, which would signal a break of the uptrend channel. Additionally, GBP/USD is expected to consolidate below the 7/8 Murray level. Then, the target for bears could be the 200 EMA around 1.3472 and finally the 6/8 Murray level around 1.3427.
We must pay attention to the development of the British pound's movement; the key is to watch for the price to consolidate above 1.3550. Any pullback toward this level will give us an opportunity to buy in the coming days.
The Eagle indicator is showing a positive signal, supporting the bullish strategy, and the British pound likely still has some way to go before reaching 1.3671; it could even reach the upper band of the uptrend channel around 1.3750
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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