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The British pound is trading around 1.3498, below the 21-day SMA and within the downtrend channel. GBP/USD is showing a bearish signal, and the downtrend is likely to continue in the coming hours until the instrument slips to the 6/8 Murray level around 1.3427.
Given that the British pound has repeatedly attempted to break above 1.3518, as seen on the H1 chart, without success, downward pressure will likely prevail, and the GBP/USD pair will fall toward the key support zone of 1.3468–1.3427.
Only a decisive break above 1.3518 and consolidation above the 21 SMA and above the downtrend channel could support a recovery in GBP/USD, potentially reaching the 200 level around 1.3552 and even returning to the May 11 high around 1.3645.
The trend is clear for the pound sterling. Since it shows only one outlook—that it is bearish—and as long as GBP/USD remains within the pressure zone below 1.3518, any technical rebound could be considered a signal to open short positions.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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