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The British pound is trading around 1.3232. Technically, since September 23, it has been consolidating above 1.3183, around the 0/8 Murray level, which has acted as strong support for the British pound.
On the H4 chart, we can see that the latest four-hour candle is giving a positive signal, as the British pound once again reached the 1.3183 support level during the European session. From that level, the GBP/USD pair is rebounding and could be seen as an opportunity to continue buying in the coming days. However, we should exercise caution, as a sharp breakout of the downtrend channel could lead to further gains; otherwise, the currency pair could face rejection around 1.3255 and fall again.
The Eagle indicator has reached overbought levels, so we should exercise caution. If the British pound faces rejection around 1.3255, a technical correction could occur, and it could retest the 0/8 Murray level in the coming days or even reach the -1/8 Murray level around 1.3122.
To take long positions, we should wait for consolidation above the 1/8 Murray level and above the 21 SMA, followed by a decisive breakout of the downtrend channel—which could then be seen as a clear buy signal. With targets at the 200 EMA around 1.3352, we ultimately expect GBP/USD to reach the 4/8 Murray level 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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